Funds brace for higher costs, worse terms after CS prime exit

Largest banks set to win business; others fear regulatory scrutiny of highly concentrated market

Photo of Credit Suisse

Credit Suisse’s exit from prime services will drive higher pricing and tighter deal terms, buy-side firms warn, as existing clients are forced to transfer their activities to an ever-shrinking pool of bulge-bracket banks.

On November 4, Credit Suisse told investors it planned to wind down its prime services offering, which includes prime brokerage (PB) and derivatives clearing, as it pivots to its wealth management division. The bank said it will exit 10 “non-core” trading markets that do not

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