Vanguard Takes the P2P Plunge - FX Markets
"The secret to Vanguard’s success is well known. By cutting costs for investors it has been able to attract more money, and attracting more money allowed it to squash costs more effectively, creating a virtuous circle that has seen the firm swell to $6.2 trillion in assets under management. It turns out that the recipe applies to Vanguard’s FX trading as well. Around 80% of its spot flows are now handled by execution algorithms, according to Global Head of FX Trading, Andy Maack…"