Citi revealed as top index CDS dealer to Ucits funds
Counterparty Radar: Novel data shows US banks captured nearly 90% of uncleared notional volume in European markets
US banking giant Citi dominated trading in uncleared index credit default swaps (CDSs) by European Ucits funds last year. The New York-based dealer controlled 38% of the market, with a book worth $11 billion in notional.
The second-largest bank handling the business of Europe’s equivalent to mutual funds was Goldman Sachs, with positions totalling $6.9 billion.
More broadly, US dealers absorbed 86% of the uncleared notional volume of Ucits funds, according to data coming from the asset managers’
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