Credit Suisse replaces Barclays as biggest swaps clearer

Dramatic growth in required swaps collateral at Swiss FCM

Credit Suisse, 11 Madison Ave, NY

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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