But for most smaller transactions, say the conversion of a dividend payment received by a U.S. Large investors typically negotiated specific pricing only when trading large amounts of foreign currency at a time. The bank argues in court filings its trade-pricing policies were permissible and did not violate any laws.īNY Mellon spokesman Kevin Heine declined to comment on Fidelity, but said BNY foreign-exchange products continue to evolve in response to client demand and marketplace changes. District Court in the Southern District of New York, BNY Mellon is battling the Justice Department, which is pursuing a $1 billion-plus civil fraud case against the bank. And Fidelity has enhanced its forex cost analysis as it works to lower expenses for its mutual fund investors, Austin added. The Boston-based firm is now requiring more data from BNY and others about the specific timing and pricing of any foreign-exchange trades that aren’t directly negotiated, Fidelity spokesman Steve Austin said. mutual fund company, has not filed a lawsuit of its own, but the firm is not waiting around for the litigation to wend its way through the courts, either.
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