A Custody Battle in the Currencies Market
The Wall Street Journal
By KATIE MARTIN
LONDON — A lawsuit filed by two major California pension funds is sparking a move by funds world-wide to figure out their currency-trading costs and potentially demand a better deal from their banks.
Poor rates for pension funds have been an open secret in the $3-trillion-a-day currencies business for some time, with non-custody bankers, consultancies and even a few banks that handle the safekeeping and day-to-day management of funds’ assets, known as custody banks, trying to draw pension funds’ focus to the issue.
“Every professional in the industry knows that the custodial route of doing [foreign currency] is not the best. It’s like buying your foreign currency at the airport,” said Jimmy McGeehan, a co-founder of FX Transparency, which specializes in measuring funds’ currencies costs, and a former currencies salesman.
Full Story
Francesc's Weblog
Subscribe
Categories
Archives
Recent Comments
- Francesc Riverola on Forex Fraud - NFA takes emergency enforcement action against Profitstars Intl and its principal
- TradeStar Investor on Forex Fraud - NFA takes emergency enforcement action against Profitstars Intl and its principal
- Francesc Riverola on Forex Fraud - NFA takes emergency enforcement action against Profitstars Intl and its principal
- Concerned Investor Too on Forex Fraud - NFA takes emergency enforcement action against Profitstars Intl and its principal
- Danny on FxPro LSE IPO Postponed Due Market Conditions
Tags
ACM blogs CAG CFTC CitiFX CME Crown Forex Currencies at a Glance Danske Bank David Solin EURUSD Financial Crisis FINMA Forex Forex.com Forex broker Forex Education Forex Fraud Forex Learning Center Forex Market Forex Mobile Forex news Forex Trader of the Year contest Forex Trading Forex Volume FXCM FxPro FXstreet.com FXstreet.com Traffic Stats Gain Capital GFT International Traders Conference IPO ITC ITC 2009 Kathy Lien NFA Retail Forex Rob Booker Saxo Bank stats traffic stats USD US Economy Wayne McDonellFXstreet.com Weblogs
Francesc Riverola,
