Dealer concentration in FX forwards
Counterparty Radar: data shows panel depth and top bank share correlated to size of manager’s book
The number of counterparties a fund manager uses – and the amount of its business it hands to its top dealer – is directly related to the amount of FX forwards the manager trades.
The analysis is based on thousands of US mutual fund and exchange-traded fund filings to the US Securities and Exchange Commission, which offer a snapshot of positioning for each quarter. FX Markets aggregated the data across parent managers to offer unique insights on the FX forwards market. The data also forms the
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