Client margin down 33% at Credit Suisse’s swaps unit in Q2

Drop in IM could signal clients jumping ship in the aftermath of Archegos blowout

Required client margin held by Credit Suisse’s swaps clearing unit dropped $4.3 billion in the second quarter of the year – the biggest decrease of the 15 reporting futures commission merchants (FCMs).

Data from the Commodity Futures Trading Commission (CFTC) shows the bank held $8.7 billion of required client initial margin to cover their swap trades, the lowest level on record, and 33% lower than in Q1.

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