Client margin at Credit Suisse down $14.6bn since Archegos collapse

Bank’s US clearing units slashed required funds for swaps and F&O since March 2021

A year on since the Archegos blow-up, required client margin held by Credit Suisse’s US clearing business for both swaps and futures and options (F&O) trades hit a new low, as clients continue to take their clearing business elsewhere.

Data from the Commodity Futures Trading Commission (CFTC) for futures commission merchants (FCMs) shows the US unit of the Swiss bank held $1.08 billion of required segregated customer funds to cover their cleared F&O and $3.8 billion for cleared swaps – down 84%

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