Client margin for swaps drops to virtually zero at Credit Suisse
Required funds posted to the bank’s US clearing unit totalled $12 at end-2022
Required client margin at Credit Suisse’s US swap clearing arm totalled $12 at end-2022, the latest publicly available data from the bank shows – a prelude to the official shuttering of an activity that once powered the prime services business.
Credit Suisse Securities USA held around $4 million of required segregated customer funds to cover their cleared swaps on November 3. The amount fell to just $12,343 the next day. After hitting $385 at end-November, required margin totalled zero for all
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