I don't believe Vanguard trades for its own account. Given their structure, I'm not sure how they could trade on their own account. IANAL, but they're a regis

I don't believe Vanguard trades for its own account. Given their structure, I'm not sure how they could trade on their own account. IANAL, but they're a registered investment advisor and that status requires them to act as a fiduciary for their clients. Plus, with their structure as a mutual company the firm is owned by its customers. Even if they did trade for themselves, the account would effectively be owned by all their customers, wouldn't it?