BNP Paribas was the largest single counterparty to the Vanguard Total International Bond Index Fund for currency forwards as of January 31.
The French bank sold $32.8 billion forwards across 19 contracts and bought $22.2 billion across 15 contracts. This translates to 17.4% of all outstanding dollar notional amounts as of the fund’s reporting date.
The second-largest counterparty by dollar notionals was Canada’s TD Bank, with a 14% share, followed by Goldman Sachs and Credit Suisse
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