Bank of America became the top foreign exchange forwards dealer for US mutual funds and exchange-traded funds in the first quarter of 2023, largely thanks to two trades from Fidelity with a total value of nearly $10 billion.
BofA was a counterparty to $98.4 billion of mutual fund trades in the first quarter, up 11% on the previous quarter. The growth was fuelled by its involvement in two of the five largest trades executed during Q1 – two euro/US dollar trades from Fidelity with value of $4.8
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