Morgan Stanley IM slashes FX options book

Counterparty Radar: Manager’s reduction tanks JP Morgan’s market share with sector

Morgan Stanley Times Square
Photo: Morgan Stanley

Morgan Stanley Investment Management halved its notional exposure to US dollar/offshore renminbi options in the third quarter of the year, leaving the US mutual and exchange-traded fund sector with its lowest foreign exchange options aggregate since Risk.net started collecting data in early 2020.

The manager had been known to take large bets on the Chinese currency’s depreciation, but after more than $400 million in lost premiums, only one set of trades potentially paid out earlier this year

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