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JP MORGAN INCREASES FX OPTIONS DEALER LEAD AS GOLDMAN SLIPS


COUNTERPARTY RADAR: GSAM UP FIVE MANAGER SPOTS AMID MARKET DECLINE, WHILE MSIM
HOLDS RMB POSITIONS STEADY

   
 * 
 * Joe Parsons
 * @Joe_Parsons416
 * 13 Sep 2022
   

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More information

    * Joe Parsons
   
    * UBS
   
    * Trading
   
    * Pimco

    * BlackRock
   
    * Invesco
   
    * Counterparty Radar>>options
   
    * Bank of America

    * Goldman Sachs
   
    * JP Morgan
   
    * Morgan Stanley

 * View more



JP Morgan has extended its lead as top foreign exchange options dealer in the
rankings for US mutual funds in the second quarter, holding close to half of the
notionals with the client group and winning nearly twice the market share of its
nearest competitor.

Mutual funds had shed a total of $3.2 billion of FX options notionals from their
books as of the end of Q2, going down to $54.9 billion, with the largest cuts
seen in Asia-Pacific currency pairs. The information is based on disclosures
made by US mutual funds to the US Securities and Exchange Commission, which have
been gathered and analysed by FX Markets’ Counterparty Radar service.

JP Morgan increased its FX options positions with managers by $1.5 billion
between Q1 and Q2 this year, holding a total of $25.7 billion notional. This
accounted for 47% of total dealer notionals, up from 42% last quarter. A large
portion of JP Morgan’s growth was down to securing new business from BlackRock.

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Its closest rival, Goldman Sachs, however, saw its position recede as the total
value of its FX options book declined by nearly a quarter to $13.4 billion,
taking its market share from 30% to 24%. This was mostly due to declines with
Voya and Transamerica.

Meanwhile, Bank of America increased the size of its book by nearly $600
million, helping it climb one spot up in the rankings to fourth. UBS rose four
places in the rankings, from tenth to sixth.

On the manager side, Morgan Stanley Investment Management’s notionals held
steady from Q1, retaining its $26 billion US dollar/renminbi positions. With the
decline in trading this quarter, this saw its market share rise from 45% to 48%.

Goldman Sachs Asset Management (GSAM) saw the largest growth in Q2, more than
doubling its FX options notionals to $3.2 billion and rising from tenth to fifth
overall. More than a third of the manager’s new trades were in G10 pairs.

UBS and Citi were the main beneficiaries of GSAM’s increase. Both banks gained
more than $500 million in notionals in Q2 with the manager. Morgan Stanley had
previously held 64% of GSAM’s notionals but this declined to 39% in Q2.

Other movers included Invesco, which after halving its books in the first
quarter slightly increased its notionals and moved up one place to third.
BlackRock went the other way, shedding $516 million of notionals to drop from
third to fourth.

Americas currency pairs were the only ones to grow, with US dollar/Mexican peso
the most popular with a net increase in notionals of $580 million. Euro/US
dollar reported the largest net cut, falling $2.7 billion, while US dollar/ruble
also shrank by $2.4 billion.

 


ABOUT THIS DATA

The information used in this analysis comes from Nport-P filings to the US
Securities and Exchange Commission. This is a relatively new form, introduced at
the end of 2019, which requires mutual funds and exchange-traded funds to file
monthly summaries of their portfolio holdings to the SEC. 

The filings include FX options transactions that were live at the time of the
filing, and include details such as bank counterparty names, currencies, trade
sizes and remaining maturity. The forms are filed to the SEC on a monthly basis,
and the regulator makes the final filing of each fund’s quarter public 60 days
after the end of that period. The filings are in a structured XML form, making
it possible to download and parse the data for trends. 

It’s important to caveat the information. While these are pro forma regulatory
filings to the SEC and should be accurate, mistakes and miscategorisations do
occur. The data was cleaned and obvious errors excluded. For instance, trades
where FX Markets was not able to identify the dealer or fund manager were
excluded from their respective calculations. 

Information from these filings is also the basis for a new tool, Counterparty
Radar, which allows users to search the filings information themselves to
discover the most popular dealers and most active managers for FX forwards and
options. We will track these stats every quarter, so please get in touch if
something doesn’t look right, or to suggest other ways to present the data:
michael.paterakis@infopro-digital.com


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 * UBS
 * Trading
 * Pimco
 * BlackRock
 * Invesco
 * Counterparty Radar>>options
 * Bank of America
 * FX options
 * Goldman Sachs
 * JP Morgan
 * Morgan Stanley
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