The net impact on indices depended on reactions from systematic commodity trading advisors, which were identified as a potential offset. These CTAs could have purchased $11.5 billion globally in flat markets or nearly $30 billion if stock prices climbed, while a market decline could have prompted them to sell an additional $15.8 billion.
Tuesday, October 20, 2026
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US Pensions Drive $11.5B Market On Close Sell Imbalance
US Markets20 days ago
US pension funds divested a modeled $30.5 billion in equities during the final trading sessions of September, a volume that ranks in the 89th percentile for the last three years. This selling pressure created a $11.5 billion market-on-close sell imbalance at the end of the month, according to figures from Goldman Sachs, though the realized amount was lower than the initial $33 billion estimate of outflows.
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