Franklin Templeton closes $5bn yen options book
Asset manager’s bets on USD/JPY soured as yen weakened through Q4
Franklin Templeton dramatically shrunk its US dollar/yen foreign exchange options positions during the fourth quarter, after call and put spread trades betting on yen strength in Q3 failed to pay off and led to a drag on results.
The California-based asset manager had built the largest FX options book among US mutual and exchange-traded funds at points over the past two years, often swapping the
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Markets
Dealers call on China regulator to approve Isda Simm
Isda is asking NFRA to approve SIMM as “an industry model”
Tech firms continue surge in FX hedging
Apple and Micron lift FX notionals by more than 60% in Q3, while Alphabet and others deploy debt for net investment hedges
What Goldman’s commodities head learned from Iran war
Talking Heads 2026: As prices jumped, market hedges faltered and physical delivery became all important
Future of settlement is taking shape – so are some big questions
Cash or coins? How to tackle loss of netting? What about CBDCs? Market has a lot to decide in settlement revamp
Dispersion trades weather AI selloff, for now
Gamma-weighted versions of the popular trade gained almost 7% as single-stock volatility surged
BofA names co-heads for new credit macro trading unit
Reshuffle comes after macro and systematic trading head Derek Hafer jumped to RBC
‘Think like a farmer’: how Transtrend rode out the Hormuz shock
Talking Heads 2026: Transtrend’s Toni Budimir on shifting correlations, staying diversified – and knowing when to stop calculating
BRL options traders count cost of Lula shock
One-way Bolsonaro bets forced dealers into tough hedging choices as USD/BRL gapped 13% on Lula’s victory
