Credit Suisse replaces Barclays as biggest swaps clearer
Rivals surprised by Swiss bank's ascent at a time when regulatory burdens are growing – client collateral has jumped 83% since last October
Credit Suisse has leapfrogged Barclays to become the biggest over-the-counter derivatives clearer in the US, as measured by the amount of client margin its futures commission merchant (FCM) is required to hold. As of June 30, the Swiss bank faced a requirement of at least $7.2 billion for cleared swaps – a figure that has shot up 83% in the past eight months – according to data compiled by the National Futures Association (NFA).
The NFA started publishing data on swaps collateral by FCM in
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