Client margin at Credit Suisse shrinks to just $25m
Required funds for swaps meet same fate as F&O trades, as exit from prime services continues
Required client margin at Credit Suisse’s US swaps clearing unit reduced to a trickle in July, as the last lights go out at its tarnished prime brokerage division.
The Wall Street arm of the Swiss bank held just $25.5 million of required segregated customer funds to cover their cleared swaps at end-July, down from $2.1 billion at end-June and $8.9 billion a year prior, data from the Commodity Futures Trading Commission (CFTC) for futures commission merchants (FCMs) shows.
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