C Suisse in 'dramatic move'

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Credit Suisse no longer wants to act as a market maker for European government bonds, the bank said.

'This is part of scaling back the macro business', said Adam Bradbery, a London-based spokesman for Credit Suisse. 'We are in the process of exiting all our European primary dealer roles'.

Bloomberg News reports that it will remain a primary dealer for U.S. government debt.

Credit Suisse will withdraw from the U.K primary-dealer market on Friday, the nation’s Debt Management Office said. It’s the first time a gilt primary dealer - which buys sovereign debt directly from the government - walked away since December 2011, when State Street Corp.’s European division withdrew.

'This is a dramatic move for Credit Suisse, and a step back for bond-market liquidity', said Christopher Wheeler, an analyst at Atlantic Equities LLP in London.

Credit Suisse to Exit All European Primary Dealer Roles

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