BNP Paribas tops list of Vanguard fund currency hedgers

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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