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
] 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.
Neil Anderson, Managing Editor
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