Exclusive: Fund giant Vanguard bypasses banks with forex algos
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LONDON (Reuters) - Vanguard, the $5.6 trillion asset manager, plans to start using computer-run algorithms this year to trade FX directly with other funds, depriving banks of some of the fees they earn as the middlemen in currency deals.The head of FX trading at U.S.-based Vanguard, which trades about $225 billion in currencies each month, told Reuters the fund giant was in talks with several forex platforms about launching specialist algorithms designed to seek out and trade with other asset..