Credit Suisse excess swaps collateral falls by 45%

New data shows Credit Suisse remains the biggest US swaps clearer by required customer collateral, but its excess collateral has almost halved since the end of June

Credit Suisse offices

The mysterious case of Credit Suisse and the mushrooming collateral buffer may have been solved. For around a year, figures published on a fortnightly basis by the National Futures Association have shown the Swiss bank holding billions of dollars in collateral over and above the total required of its swap clearing clients.

That was causing tongues to wag, with rival banks wondering whether the bank was funding the excess itself, and – if so – how it could make money in what is a low-margin