BNP hits top spot for FX options

Counterparty Radar: French bank ousts long-time leader Citi as biggest dealer for mutual funds

BNP-Paribas-offices-Montreal
Image: Can Pac Swire
Citi has lost its crown as the biggest bank for FX options trading with US mutual funds, after BNP Paribas surged past the US bank in the second quarter to take a significant lead. HOW DID THIS HAPPEN? Citi’s flows are dominated by Franklin Templeton, which has halved its book since Q4. BNP’s biggest client, MSIM, on the other hand, has become the sector’s top user of FX options in the past two quarters. WHY IT MATTERS: In Q1 2020, Citi had a 30% market share, while BNP had 2.5%. It shows how

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