Credit Suisse held just 10% margin against Archegos book

Swiss bank gave family office 10 times leverage, compared with four or five times at Goldman

Credit Suisse losses montage

Credit Suisse collected just 10% margin for the equity swaps it traded with Archegos Capital Management, can reveal – a figure that undershoots industry standards, and helps explain the mammoth $4.7 billion loss suffered by the Swiss bank when its client defaulted at the end of March.

The average swap margin posted by Archegos was around 10% at the overall portfolio level, according to a person familiar with the matter. That is well below industry standards for equity swaps. The head

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here