Morgan Stanley IM slashes FX options book

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Morgan Stanley Investment Management halved its notional exposure to USD/CNH options in the third quarter of the year, leaving the US mutual and exchange-traded fund sector with its lowest foreign exchange option aggregate since Risk.net started collecting data in early 2020.

The manager had been known to take large bets on the Chinese currency’s depreciation, but after more than $400 million in lost premiums, only one set of trades potentially paid out earlier this year. Third-quarter filings


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