The Securities and Exchange Commission (SEC) (Reuters) - is probing if two large banks have made submissions appropriate for the clients of the Fund on how their trades of currency could be manipulated and a price, the Wall Street Journal reportsciting a person familiar with the case.
The newspaper said that the probe examines the business activities of currency of two of the largest banks of the world, State Street Corp. (STT) guard(N) and the Bank of New York Mellon (BK).(N), and if the banks misrepresented how they intended to carry out foreign currency trades.
Exchange has traditionally been a rich source of revenue for the United States of banks, banks particularly guards, which not only benefit from the purchase of international stocks and the obligations for pension funds and other investors, but the trade in currencies other than dollars. Set of Exchange is a huge undertaking, with the average daily volume of $ 4 trillion.
Earlier in may, State Street has revealed in a quarterly filing it is under investigation by the SEC and also revealed that two customers begins to litigation against damages not specified for all clients of custody which executes foreign exchange through State Street.
However, investigation of the regulatory authority of BNY Mellon was not previously.
The two banks were not immediately available for comment.
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