A rise in the cost of repo and foreign exchange derivatives has become a year-end tradition for several years now, as banks try to shed balance sheet exposures to keep a lid on future capital requirements.
The jump in secured funding costs and FX derivatives pricing at the end of September was therefore familiar, but the timing and magnitude of it led some to worry this period would be particularly intense come December 30 and 31.
However, despite some unique pressures, market participants say
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