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Vanguard to challenge banks' grip on $6 trillion currency market
Vanguard to Challenge Banks' Grip on $6 Trillion Currency Market
By Alastair Marsh
Bloomberg News
Thursday, October 3, 2019
Having revolutionized the business of buying stocks, Vanguard Group is now coming for currencies.
The investing pioneer obsessed with lowering costs is testing a new way for asset managers to trade currencies and avoid big investment banks, according to a person familiar with the matter. The platform, based on the blockchain technology that powers Bitcoin, has been operational for two months and has handled some trades, said the person, asking not to be named because the project is private.
... Dispatch continues below ...
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If successful, the venture could shift power in the $6 trillion a day currency market that banks such as JPMorgan Chase & Co. and Deutsche Bank AG have ruled for decades. While skeptics say it will be challenging to get enough investment firms on board, the cost savings of peer-to-peer trading could prove appealing in a world where profits are being squeezed by a race to the bottom on fees and mounting regulatory burdens. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2019-10-03/vanguard-to-challenge...
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