Counterparty Radar
Cuts and points – how the Dealer Rankings work
Dealer Rankings 2026: We have a simple way to compare dealers. Sort of simple, anyway
US buy side flocked to FX forwards and options in Q1
Counterparty Radar: Pimco led $187 billion rise in forwards notional among funds, while TIAA drove insurer activity
US funds become fixed-rate payers in swap market
Counterparty Radar: Since 2021, receiver swaps have dominated US mutual fund positions; in the latest data, the sector’s book flips round
MSIM retools renminbi options wager
Counterparty Radar: US manager rebuilds USD/CNH call book to $15.7bn with strikes closer to spot and cheaper premiums
How Pimco, Capital Group funds bet on falling US rates
Counterparty Radar: Inflation hedge would soften impact for Capital Group; Pimco’s swaptions structures targeted modest decline
SocGen FX forwards trading rockets with US fund managers
Counterparty Radar: Surge in French bank’s FX forward volumes propels it to second spot in Q1 2026
BlackRock uses options to rewire AI bets
Counterparty Radar: Global Allocation Fund shifts from net short to net long derivatives as equity allocation falls
Small bond fund breaks ranks with bumper sovereign CDS bets
Counterparty Radar: Boston Management and Research builds sizeable protection-heavy positions across narrower set of issuers
Mutual funds are trading inflation like it’s 2022 again
Counterparty Radar: USD CPI notionals hit record levels even before March’s jump in energy prices
Two fund managers behind surge in ETF options
Counterparty Radar: New data shows notional for the instrument rivals that of equity index options
Franklin Templeton closes $5bn yen options book
Counterparty Radar: Asset manager’s bets on USD/JPY soured as yen weakened through Q4
Pimco slashes short dollar forwards at year-end
Counterparty Radar: EUR/USD cuts drive $86.5 billion reduction
US mutual funds slash short euro positions at record pace
Counterparty Radar: Pimco cut $4.6bn of EUR/USD puts in Q3 amid changing stance on dollar direction
US insurers turn to short-dated FX forwards as notionals rise
Counterparty Radar: Trades under three months make up nearly 60% of total positions, up from just a third in 2022
Pimco piled into euro put options in Q2
Counterparty Radar: EUR/USD buying spree takes Pimco’s FX options book to $7 billion
Crypto ETFs gatecrash the US Treasury repo market
Counterparty Radar: Volatility Shares tapped $13 billion in repo funding in Q2
ANZ’s FX forwards surge with Pimco
Counterparty Radar: Australian bank becomes top counterparty to the asset manager after huge jumps in cable and EUR/USD
Niche FX crosses pop up in mutual fund options activity
Counterparty Radar: Fund filings reveal unusual FX options crosses – some never repeated, many with unclear strategies
Cuts and points – how the Dealer Rankings work
Dealer Rankings 2025: We have a simple way to compare dealers. Sort of simple, anyway
Choosy dealers search for their sweet spot
Dealer Rankings 2025: No bank appears in every top 10 list, as data reveals shifting strengths
OTC books grew in 2024 but remain below peaks
Dealer Rankings 2025: US fund and insurer books were larger in 11 of 16 markets