Swiss banking giant Credit Suisse Group is reportedly planning to sell stake in Wake USA, its fixed-income joint venture with trading firm Tower Research Capital.
The company is seeking to offload part of its majority holding in a bid to cut down capital requirement, Bloomberg reported citing sources familiar with the developments.
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The move is said to be in line with new capital mandates in the country limiting financial institutions’ dependence on debts to avoid any potential financial crisis.
Wake USA was launched in 2013 and is aimed at providing electronic trading services to US Treasuries and other fixed-income products.
Credit Suisse is reported to have transferred nearly 25% of its electronic rates trading business into Wake and is looking to expand the business into other areas of fixed-income, having been operating in US treasuries and related products.
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