Total foreign exchange forwards notionals in the second quarter remained close to record levels, but billions of dollars of business changed hands between fund managers and their dealers, with Citi being one of the primary victims of the rotation. The bank reported a cut of $13.8 billion and $3.5 billion of FX forwards and options
Robert DiTrapano has joined Deutsche Bank as its new global head of electronic foreign exchange and spot trading, FX Markets understands. Based in New York, he replaces Benedict Carter, who decided to retire last month after 15 years at the bank. DiTrapano joins from Morgan Stanley. He spent over 22 years at the US bank, most
Franklin Templeton closes $5bn yen options book – FX Markets Skip to main content End of drawer navigation content Counterparty Radar: Asset manager’s bets on USD/JPY soured as yen weakened through Q4 Franklin Templeton dramatically shrunk its US dollar/yen foreign exchange options positions during the fourth quarter, after call and put spread trades betting on
Morgan Stanley has cut four London-based foreign exchange salespeople and traders, who were covering real money clients, according to two sources with knowledge of the departures. The Wall Street Journal reported last week that the bank has cut 2,500 jobs in total – around 3% of the workforce – shortly after reporting record profits of
Citi was the top US dealer for foreign exchange trading revenues in 2025 on the back of increased client hedging demand, according to regulatory filings. The bank generated revenues of $7.9 billion for the year, up 50% from $5.3 billion in 2024, helped by a bumper second quarter from Donald Trump’s Liberation Day tariff announcements.
Pimco piled into euro put options in Q2 – FX Markets Skip to main content End of drawer navigation content Counterparty Radar: EUR/USD buying spree takes Pimco’s FX options book to $7 billion Pimco has typically been a light user of foreign exchange options. But as the tariff turmoil raged in Q2 this year, the
As hedge funds have ballooned in recent years, so has their footprint in the few markets large enough to accommodate them. This isn’t a problem when their trades are going well. When those trades backfire, though, it can be a different story – particularly if multiple funds are holding the same position and all try
HSBC, Goldman prevail in shake-up of FX Markets’ Dealer Rankings – FX Markets Skip to main content End of drawer navigation content The pair thrived serving US retail funds, while Morgan Stanley retained title with life insurer clients The third edition of FX Markets’ annual exercise in identifying the top dealers in foreign exchange derivatives
Goldman Sachs was the top US dealer for foreign exchange trading revenues in 2024, which more than doubled at the firm thanks to increased trading activity at the end of the year, according to regulatory filings. The investment bank generated revenues of $6.3 billion for the year, up 125% from $2.8 billion in 2023, thanks
TD Securities and Goldman Sachs made the largest ranking moves among dealers serving the FX forwards market for European retail funds during the first half of last year. The Canadian bank gained $14.4 billion in notional from trades with Ucits funds, increasing its market share to 9.5% from 7% and becoming the second-largest dealer in
Franklin Templeton has become the largest user of foreign exchange options among US mutual funds, taking the top spot from Morgan Stanley Investment Management for the first time since the end of 2020. The California-based fund manager increased notional volumes by around $340 million during the third quarter of 2024, taking the total size of
