US fund managers reshuffle dealer books amid new trading highs

- By Michael Paterakis
- 06 Oct 2026

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 funds. It also saw a drop of $1.2 billion notional in forwards trades with life insurers.

The fall

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@fx-markets.com or view our subscription options here: https://subscriptions.fx-markets.com

You are currently unable to print this content. Please contact info@fx-markets.com to find out more.

You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.

As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.

If you would like to purchase additional rights please email info@fx-markets.com

You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.

If you would like to purchase additional rights please email info@fx-markets.com