BNP takes top forwards spot with US mutuals

Vanguard propelled BNP Paribas into top spot for foreign exchange forwards traded with US mutual funds for the first time in the third quarter, pushing Bank of America into second place.

The French bank has been moving up the table all year, starting in eighth spot in Q1 before moving up to third in Q2 with a market share of 9%. In Q3, the bank added $21.6 billion, taking top spot with an 11% market share.

The majority of the increase came from forwards kingmaker Vanguard, where BNP’s move from a