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Year End Funding Hedge Ongoing

US EURODLR FUTURES

-25,000 Dec'20/Mar'21, -0.065 (Mar sold over Dec) adds to -90k Wed

  • Repeat: Sources suggest ongoing sale takes view of increased year-end funding pressure -- counter to opinion of Credit Suisse strategist Zoltan Poszar who expects a "benign year-end turn in the FX swap market".
  • According to Poszar, "absent another round of an exogenous downpour of liquidity on the banking system, G-SIB scores between now and year-end will be largely determined by the portfolio decisions of bank CIOs, and the market-making decisions of broker-dealers. Both sets of decisions will re-distribute existing liquidity within the system, pushing liquidity from banks with G-SIB constraints to banks without G-SIB constraints."
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