Funding in Foreign Currency: Why Banks Live on Swaps

The Trading Floor with David Axtell · Apr 28, 2026 · 11m

$13 trillion of non-US bank assets funded via FX swaps. David Axtell explains synthetic dollar borrowing, why the cross-currency basis never disappears, Japanese megabank strategy, and the quarter-end effects every treasurer must plan around. Part IV. Ep 14.RELATED RESOURCES:Book: FX Cash Products — available now through all major bookstores and rondanini.comEducation platform: learn.rondanini.com — 145+ professional mini manuals plus Python toolkitsConsultancy: rondanini.net (Luigi Rondanini) · axtellconsulting.net (David Axtell)Podcast website: thetradingfloor.rondanini.com