Vanguard, FX forwards kingmaker
Counterparty Radar: How the fund giant influenced banks’ overall forwards fortunes in 2020
Vanguard is one of the big beasts of the US mutual fund market, boasting more than $7 trillion in global assets under management. But the extent of its domination of the US foreign exchange forwards market was a matter of anecdote only until FX Markets began gathering position data from US funds' regulatory filings last year.
Vanguard stands out from its mutual and exchange-traded fund manager peers by the total value of the forwards trades it enters each quarter. According to data from its US
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