- Multiple Banks Curb Trading With Credit Suisse As Deposit Run Continues Despite SNB Rescue
by Tyler Durden, https://www.zerohedge.com/
Update (1345ET): At least four major banks including Societe Generale and Deutsche Bank have placed restrictions on their trades involving Credit Suisse or its securities, Reuters reports, citing five unidentified people with direct knowledge of the matter.
Another source at a major global bank, who deals directly with Credit Suisse in Asia, said their bank had started asking the Swiss lender to gross settle, a trading scenario where the counterparty demands upfront payment from Credit Suisse instead of collecting later any money the Swiss lender might owe them as a result of the trade.
Another global bank has reduced its unsecured exposure to Credit Suisse, which includes all lending with no collateral, according to a person with knowledge of the matter. The bank is still providing repurchase agreements, which is secured lending.