Branching out: foreign banks seek shelter from Fed rules

Foreign banks stashing repo businesses within their branches, outside Fed’s full gaze

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Growing benefits: foreign bank branches are exempt from SLR and CCAR

At the beginning of 2017, Credit Suisse and Royal Bank of Canada had fairly small branch operations in the US. Neither firm had more than $50 billion in branch assets, nor did they conduct any repo activity in these entities. That began to change later in the year.

By the first quarter of 2018, Credit Suisse’s total branch assets had rocketed to just shy of $100 billion, from $38.5 billion a year earlier, according to Federal Reserve data. A repo business suddenly flared into existence at its

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