Much of the leverage used by Bill Hwang's Archegos Capital Management was provided by banks including Nomura Holdings Inc and Credit Suisse Group AG through swaps or so-called contracts-for-difference (CFDs).

HONG KONG/ABU DHABI (March 29): The forced liquidation of more than US$20 billion in holdings linked to Bill Hwang's investment firm is drawing attention to the covert financial instruments he used to build large stakes in companies.