C Suisse said to be considering selling more of its trading unit

Credit Suisse is considering selling additional stakes in an electronic interest-rates trading unit it set up last year, according to a person briefed on the plan.

Bloomberg News reports that the electronic platform, Wake USA LLC, is a joint venture with high-frequency trading firm Tower Research Capital LLC for U.S. Treasuries and other fixed-income products, according to a regulatory filing showing that the unit gained approval to operate earlier this year. Credit Suisse is in the process of moving clients over to that unit and may sell part of its majority stake to reduce capital requirements, said the person, asking to remain anonymous because sale talks are preliminary.

Credit Suisse, like many of its biggest rivals, is seeking to adjust its fixed-income trading operations as more of that business is conducted electronically and new capital rules limit the leverage banks can have in those units. The bank generated $1.67bn in fixed-income trading in the first quarter, down 25% from a year earlier.

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Credit Suisse Said to Mull Selling More of Trading Unit

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