Prime brokerage
Credit Suisse cuts leverage exposure by $11.5bn
CET1 leverage ratio remained flat over Q1 as drop in capital more than offset cuts in prime brokerage business
Archegos revisited: the gaps in Credit Suisse’s story
Ahead of shareholder vote, former execs point to gaps in key report – raising new questions about accountability
Client margin at Credit Suisse hit a new low in February
Latest CFTC data shows significant reductions of required funds for swaps and F&O at the bank’s US clearing unit
Banks, prime brokers and trading venues shun ruble trades
FXPBs turn away derivatives bets as spot platforms block ruble trades and NDF fixings go dark
Prime broker of the year: Barclays
Risk Awards 2022: Focus on risk management helps UK bank win client trust – and balances – in wake of Archegos collapse
Bank risk manager of the year: Deutsche Bank
Risk Awards 2022: Seasoned risk team put on a masterclass in how to manage margin risks
Credit Suisse’s US clearing unit cuts client margin by over 40%
Required segregated customer funds for swaps, futures and options down sharply since Archegos default
Review of 2021: Default, revolt, reform
Archegos, GameStop, the last days of Libor – markets just about coped in a bleak and disorderly year
Lack of incentives slow uptake of deliverable FX clearing
Absence of regulatory drivers and use of prime brokerage curbing demand, say panellists
Bank-run fund derivatives platforms hit records
JP Morgan’s Nexus has seen balances double, while AUM on UBS’s Neo have tripled
FXPBs wary of Turkish lira risk, say hedge funds
Primes hesitant to take big positions on embattled currency
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
Finma hits UBS with $7bn add-ons
Bank’s prime brokerage unit and VAR model targeted by the Swiss regulator
FX prime brokers jockey for buy-side flows as IM phase 6 looms
Banks say concentrating trades through single dealer would ease paperwork logjam for asset managers
Some hedge funds are financing trades for other hedge funds
After the Archegos collapse, hedge funds are competing to borrow money from a dwindling number of banks
NatWest’s PB chief on not changing course after Archegos
Marcus Butt believes diversity of clients, both in size and type, is the best way to manage risk
Clear out: inside the equities takeover of Citi’s FCM
Clearing unit is being reshaped to support equities growth push
Citi hires treasury execs from JP, Citadel in equities push
New recruits arrive as bank’s equities head looks to restructure and integrate clearing division
A new metric for liquidity add-ons: easy as ADV, but better
Proposed measure allows brokers to calculate stable, stock-specific liquidity add-ons
Rafi set to take helm of Citi clearing business
Reshuffle continues at leading clearer following senior departures
Could prime of primes go pop?
The PoP market is booming, but some tier one banks are wary
Citi clearing head departs for crypto firm
Senior departure is latest among swaps giant’s clearing ranks
PoP goes FXPB: prime of prime fizzes, but isn’t to all tastes
Sources report ebullient growth among PoPs, despite lingering wariness around risk redistribution
After Archegos, prime brokers put the squeeze on hedge funds
Hedge funds are told they will need to pay more margin, more frequently, to back their trades