Jumbo trades propel BNPP, TD up forwards rankings
Counterparty Radar: In Q1 2021 data, outsiders are eating into US banks’ business with domestic funds
BNP Paribas was a whisker away from dethroning Citi as the top provider of foreign exchange forwards to US mutual funds in the first quarter of 2021 – the only European bank to break into the top five – while TD Securities and Bank of America also saw big jumps in market share.
The French bank’s lofty position is for the total value of its trades. It executed less than a third of Citi’s volume in terms of tickets – Citi is the clear leader by that measure, with BNP Paribas in eighth overall –
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