Large US funds shrink exposure to top FX forward counterparties

Smaller managers increase top-dealer allocations as big beasts pull back


The largest US mutual and exchange-traded fund managers are increasingly dedicating less of their foreign exchange forwards books to their top counterparty, with six of the largest 10 FX forward-holding managers giving their main dealer a smaller proportion of volume in each of the past three years.

Based on quarterly filings made to the Securities and Exchange Commission, our analysis looked at annual averages of quarterly allocations for each manager as well as the average allocation large

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