Morgan Stanley increased its foreign exchange options notional with US mutual funds and exchange-traded funds more than fivefold during the first quarter of 2024, largely owing to significant trading with Franklin Templeton.
The US bank jumped from sixth to top in Q1, with a total FX options book value of $10.6 billion, up from just $1.9 billion in the previous quarter.
Around three-quarters of its trades were with Franklin Templeton – all various US dollar/yen options. Morgan Stanley was
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