US fund managers reshuffle dealer books amid new trading highs
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Mutual funds, ETFs hit record FX forwards positions but retreat from options; insurers rotate counterparties
Total foreign exchange forwards notionals in the second quarter remained close to record levels, but billions of dollars of business changed hands between fund managers and their dealers, with Citi being one of the primary victims of the rotation.
The bank reported a cut of $13.8 billion and $3.5 billion of FX forwards and options positions, respectively, with US mutual funds and exchange-traded
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