As the mutual fund industry goes global, the United States brings something unique to the table-the world's largest stock market. John C. Bogle, the founder and senior chairman of Vanguard Group in Malvern, Pa., discussed the forces driving U.S. fund companies in a keynote speech at a seminar in Bermuda last week hosted by the International Bar Association. Here are some edited excerpts:

Despite some considerable hurdles, the globalization of the mutual fund industry is continuing and perhaps even accelerating.

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