The number of counterparties a fund manager uses – and the volume of his trades he passes on to his best dealer – is directly related to the amount of FX forwards the manager trades.

The analysis is based on thousands of U.S. mutual fund and exchange-traded fund filings with the U.S. Securities and Exchange Commission, which provide an overview of each quarter’s position. FX markets aggregated data across parent managers to offer unique insights into the FX forward market. Data also creates