US Stock Market Move | Swiss lawmakers voted in support of raising capital requirements. UBS Group AG (UBS.US) fell more than 5% over two days.

On Wednesday, UBS Group AG (UBS.US) extended its decline, falling nearly 2% as of press time, down more than 5% over two days. On the news front, UBS Group AG suffered a setback as Swiss lawmakers voted by a clear margin in support of a plan that could ultimately force the global wealth management giant to hold billions of dollars in additional capital. The plan stipulates that the bank must back 90% of the value of its overseas subsidiaries with its highest-quality capital, namely CET1. While this standard is lower than the 100% backing requirement pushed by the government, it also deviates from a compromise proposal favored by UBS Group AG that makes extensive use of convertible bonds.