Vanguard, FX forwards kingmaker

Counterparty Radar: How the fund giant influenced banks’ overall forwards fortunes in 2020

Good performance

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 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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