Morgan Stanley back on top for US insurer FX forwards

- By Cole Lipsky
- 11 Apr 2024

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Morgan Stanley has overtaken Citi as the top bank for FX forwards trades with US insurers in the final quarter of 2024, thanks to an uptick in trading with Massachusetts Mutual.

The US dealer leapt from second place in Q3 to retake top spot in Q4 on the back of a $1.7 billion uptick in positions with Mass Mutual, despite the latter’s overall volume decline in the quarter. Morgan Stanley was last top of the table in Q4 2022.

The move increased Morgan Stanley’s market share of volumes among US

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