The likes of HSBC, JP Morgan and Citibank are loaded with XGD now. Not much further they can go before totally destroying the market. SLR short position has been reduced from 3.08% as of 2 Aug to 2.06% as of 26 Aug.
https://hotcopper.com.au/threads/rms-august-broker-reports.6212513/page-80?post_id=55727758
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Communication Breakdown, page-8
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