Mutual funds dump two-thirds of FX options positions in Q4

Counterparty Radar: Morgan Stanley Investment Management leads fall in volumes with big cuts to RMB trades


US mutual funds slashed FX options notionals on their books in the fourth quarter of 2022, with positions falling by 66% compared to the previous quarter.

Managers held a total of $15.7 billion of FX options at the end of Q4, according to their quarter-end filings to the US Securities and Exchange Commission – the lowest total amount since Counterparty Radar records began at the start of 2020 and down 80% from the third quarter of 2021.

The drop in FX options positions mainly involved those

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