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BNP Paribas had its foreign exchange forwards book with US mutual funds halve during the third quarter of 2024, as Pimco and Vanguard significantly cut their activities with the French bank.
Notional for BNP Paribas dropped from $132.2 billion to $66.9 billion, sending it falling down the dealer rankings from first to seventh. This was due to Pimco and Vanguard reducing their positions with it by $44.6 billion and $20.7 billion, respectively.
This enabled State Street to move up one place to take
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