September 18, 2024 (NO COMMENTS)

US arm of Swiss bank cleared $47bn in notionals in the second quarter, the lowest since end-2021

UBS Americas’ clearing rate for over-the-counter derivatives took a dive in the second quarter, after it combined its swaps book with Credit Suisse USA’s on a single balance sheet. The merger, formally completed on June 2, contributed to a 35.6% increase in bilateral positions, which rose to $15.7 billion at end-quarter. At the same time, notionals cleared through central counterparties (CCPs) dipped 23.5% to $47 billion. As a result, the bank’s derivatives book composition shifted towards non