Update to Members on Credit Suisse / UBS merger and the trading of Credit Suisse AT1 Bonds


24 March 2023 The recently announced combination of Credit Suisse and UBS together with the write down of Credit Suisse AT1 bonds has led to market participants not being able to settle trades that were agreed prior to issue of the write down notice.
ICMA continues to actively engage with its members during this period, as well as relevant regulators, clearing houses and exchanges.
In the interests of orderly and resilient markets, ICMA has highlighted members’ interests in resolving unsettled trades to the Depository Trust and Clearing Corporation (DTCC), the International Central Securities Depositories (ICSDs - Euroclear and Clearstream) and to SIX Swiss Exchange - some of which have allowed trades to settle for limited periods this week.
As a result of discussions with members, regulators, and other market participants, ICMA currently understands that some market participants are continuing to trade the affected bonds and seeking to settle such trades, if possible, through the usual clearing systems rather than directly with their counterparties outside the clearing systems.

We endeavour to keep you informed, so should members have further queries please contact: LegalHelpdesk@icmagroup.org

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