Vanguard stages swaptions comeback

Counterparty Radar: Deutsche grew book to $11 billion in Q1 to become largest non-US swaptions dealer to mutual funds

Swaptions surge

After a year-long hiatus, Vanguard brought its swaptions book back to life in the first quarter of the year.

The notional value of the positions reported by the passive giant’s mutual funds and exchange-traded funds (ETFs) grew by 256% in Q1 to $3.5 billion, as it bought $1.7 billion in US dollar short-end receive-fix positions that will benefit from a fall in interest rates. A further $1.4 billion of US dollar payer swaptions were sold by Vanguard to dealers in the first quarter – trades to be

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here