Morgan Stanley bests Citi as top forwards shop for US funds

Counterparty Radar: A $30bn boost from Vanguard sends MS to top of Q2 charts

Morgan-Stanley-dethrones-Citi
After five quarters in which Citi had the biggest share of FX forwards trading with US funds, Morgan Stanley has taken a narrow lead. HOW DID THIS HAPPEN: In a word, Vanguard. The forwards market’s biggest user gave the biggest share of its business to Morgan Stanley, including a string of jumbo euro/US dollar trades. WHY IT MATTERS: Competition is fierce. Citi was nearly shunted into third place by BNP Paribas, with State Street and Bank of America not far behind. Each of those four dealers

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