Morgan Stanley bests Citi as top forwards shop for US funds

Counterparty Radar: A $30bn boost from Vanguard sends MS to top of Q2 charts

After five quarters in which Citi had the biggest share of FX forwards trading with US funds, Morgan Stanley has taken a narrow lead. HOW DID THIS HAPPEN? In a word, Vanguard. The forwards market’s biggest user gave the biggest share of its business to Morgan Stanley, including a string of jumbo euro/US dollar trades. WHY IT MATTERS: Competition is fierce. Citi was nearly shunted into third place by BNP Paribas, with State Street and Bank of America not far behind. Each of those four

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