The largest counterparties for complex foreign exchange options are typically the leading multi-strategy and macro hedge funds that place big bets on the direction of currency pairs.
But there is one corporate whose use of FX options is so extensive that it is connected to most of the top dealers on the Street, regularly buying and selling exotic options vol to manage its FX exposures.
That firm is Paris-based Safran Group, which has emerged as arguably the biggest corporate user of FX options. It
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