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Rating:BlackRock and Fido Clients Feel Forex Pricing Pain Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, February 10, 2011

BlackRock and Fido Clients Feel Forex Pricing Pain

News summary by MFWire's editors

Fundsters interested in the foreign exchange market may want to take a look at today's issue of the Wall Street Journal. Carrick Mollenkamp, Lingling Wei and Gregory Zuckerman report that, according to insiders, custodians like Bank of New York and State Street have mis-priced currency trades for clients of BlackRock [see profile] and Fidelity's institutional Pyramis unit [see profile].

BNY described its forex trading as "efficient and cost-effective," while State Street said it discloses its "pricing methodology."

"We are committed to providing clients with the best value," BNY told the WSJ.

The article also highlights several forex pricing suits that include attorneys general on the plaintiff side. 

Edited by: Neil Anderson, Managing Editor


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