Fidelity FX forwards trades propel BofA to top dealer spot

Counterparty Radar: Bank of America leads dealer rankings in Q1 for the first time


Bank of America became the top foreign exchange forwards dealer for US mutual funds and exchange traded funds in the first quarter of 2023, largely thanks to two trades from Fidelity with a total value of nearly $10 billion.

BofA was a counterparty to $98.4 billion of mutual fund trades in the first quarter, up 11% on the previous quarter. The growth was fuelled by its involvement in two of the five largest trades executed during Q1 – two euro/US dollar trades from Fidelity with value of $4.8

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