UBS Americas’ clearing rate dips post Credit Suisse integration
US arm of Swiss bank cleared $47bn in notionals in the second quarter, the lowest since end-2021
UBS Americas’ clearing rate for over-the-counter derivatives took a dive in the second quarter, after it combined its swaps book with Credit Suisse USA’s on a single balance sheet.
The merger, formally completed on June 2, contributed to a 35.6% increase in bilateral positions, which rose to $15.7 billion at end-quarter. At the same time, notionals cleared through central counterparties (CCPs) dipped 23.5% to $47 billion.
As a result, the bank’s derivatives book composition shifted towards non
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