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The unfolding situation in the US could be construed as having echoes of the Global Financial Crisis (GFC). This, combined with recent falls in Credit Suisse shares (which appear to be unrelated to the US mid — tier banks), have continued to put jitters into the banking sector. It is important to note, however, that despite the Silicon Valley Bank's (SVB) failure being the second largest in US history, when put into perspective, it's assets are less than one tenth of J.P.Morgan's, one of the major players in the US banking system.

Market volatility has been elevated over the past week driven by the failure of the Silicon Valley Bank.

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