Data reveals hidden clockwork of FX forwards market

A
study
of
mutual
and
exchange-traded
funds’
foreign
exchange
forwards
data
has
shown
remarkably
consistent
trading
behaviour
among
some
of
the
largest
users
of
the
instrument,
allowing
hundreds
of
billions
of
dollars
of
trade
executions
from
the
likes
of
Vanguard
and
Pimco
to
be
predicted
almost
to
the
day.

The
predictions
derive
from
four
years
of
US
fund
regulatory
filings
analysed
by

FX
Markets
and
compiled
in
Counterparty
Radar.
Over
the
period,
trades
have
matured
along
consistent
periods