Vanguard is one of the biggest beasts in the US mutual fund market, boasting more than $7 trillion in global assets under management. But the extent of its dominance in the US foreign exchange forward market was merely anecdotal FX markets began collecting position data from US funds’ regulatory filings last year.

Vanguard differentiates itself from its mutual and exchange-traded fund manager counterparts by the total value of forward trades it enters each quarter. According to data from his US