Pimco and Vanguard Reduce FX Forwards Trading with BNP Paribas
During the third quarter of 2024, BNP Paribas saw a significant drop in its foreign exchange forwards book with US mutual funds, with notional volumes decreasing from $132.2 billion to $66.9 billion. This led the French bank to fall from first to seventh place in the dealer rankings. The decrease was mainly attributed to Pimco and Vanguard cutting their activities with the bank by $44.6 billion and $20.7 billion, respectively. As a result, State Street was able to move up one spot in the rankings. This change highlights the dynamic nature of the financial markets and how shifts in client activities can impact the rankings of financial institutions.
