HSBC loses FX forwards market share with EU funds
Counterparty Radar: UK bank reported 6% drop in notional volumes with Ucits funds in H2 last year
European fund managers slashed more than $28 billion notional in foreign exchange forwards trades with HSBC during the last six months of 2023, although the UK bank was still able to retain its top spot in the rankings.
HSBC reported a reduction of 26.5% in total notional volumes from $108 billion to $79.7 billion, and a fall in share of dealer volume of 6% with European Ucits funds between the first and second half of 2023, according to FX Markets’ Counterparty Radar service.
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