BNP PARIBAS FINANCIAL MARKETS

BNP Paribas Financial Markets reported $205.8B across 17,681 positions for Q1 2026, down from $220.7B. As a dealer inventory book it spans a vast long tail, but the quarter's clearest theme is a shift toward index and credit exposure: new positions in Invesco QQQ ($4.1B), iShares High Yield (HYG, $1.8B) and iShares Investment Grade (LQD, $997M) arrived as the largest single-name longs — Apple (-$2.3B), Microsoft (-$1.6B), Amazon (-$1.4B) and Meta (-$1.4B) — were all materially reduced.