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 buy-side firms piled up foreign exchange derivatives positions during the first quarter of the year, according to the latest available disclosures from mutual funds, exchange-traded funds and life insurers. Among funds, FX forwards books jumped 15.6% in aggregate notional, with options notional climbing 16.6%. Insurers’ forwards positions were up almost 10%.
Each of these markets serves a distinct purpose, so the currencies and firms behind the growth were also different: in mutual fund
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