Vanguard signs FX Global Code

World’s second largest asset manager adopts code after seeing positive impact on market

Signing a contract

Vanguard Group, the world’s second largest asset manager, formally committed to the FX Global Code last month, after a three-year holdout over the belief that the principles-based document didn’t go far enough to curtail certain bad market practices.

In an interview in 2018, Vanguard FX head Andy Maack said that while the code helped improve transparency, it didn’t do enough to stamp out the worst practices in the market. The Global Foreign Exchange Committee (GFXC) is working on an update to

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