Global FX Swaps & Funding Curve Dislocations
A Global Macro Relative Value framework that trades pricing dislocations across global FX swaps and funding curves. The same discipline applies to any institutional liquidity pocket worldwide, with USD/ILS as one example among many. Returns come from market structure, not from directional calls.
Strategy at a glance
Across global markets, related instruments are frequently mispriced because of regulatory constraints, liquidity shortages, balance-sheet limits and forced hedging flows. The framework identifies these dislocations in whichever liquidity pocket they appear and constructs hedged positions designed to benefit from normalization and convergence. The value comes from structure rather than from predicting direction.
Sources of alpha
Funding Curve Dislocations
Capturing convergence as adjacent maturities distort under positioning and quarter-end pressure.
Cross-Currency Basis
Monetizing deviations from fair value driven by hedging demand and dollar funding shortages.
Carry Optimization
Efficient carry extraction across implied rates, forward points and roll-down.
Institutional Flow Analysis
Exploiting predictable pressure from pension, insurance and corporate hedging flows.
Event-Driven Relative Value
Repricing around FOMC, Bank of Israel, CPI and employment events.
- Family Offices
- High Net Worth Individuals
- Institutional Investors
- Asset Managers
- Endowments
- Private Banks
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This material is provided for informational purposes only and does not constitute an offer to sell or a solicitation to invest in any security or vehicle. Any investment involves risk, including possible loss of principal. Past performance is not indicative of future results.