Pimco’s cuts to FX forwards positions hit dealers in Q4

Counterparty Radar: State Street takes top spot among dealers as BNP Paribas slides to fourth


US mutual funds’ FX forward positions were down nearly 7% in the final quarter of 2023, thanks largely to Pimco, which slashed its G10 foreign exchange forwards book by $72 billion. 

The California-based fund manager cut its FX forwards positions by nearly 40% compared with Q3, impacting several banks including BNP Paribas and UBS where it reduced its trading by $13.5 billion and $11.5 billion, respectively. 

Pimco saw an overall 6.7 percentage point decrease in its share of total trading by

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