BNY Mellon settles FX case with SEC
US bank agrees to pay $30 million over alleged client overcharging for FX trading services
Best execution in foreign exchange markets is set to come under even more scrutiny, following the Bank of New York Mellon's agreement to pay $30 million to the US Securities and Exchange Commission (SEC) to settle civil charges related to the overcharging of clients for trading services.
The payment is part of a $714 million settlement settled in March 2015 with the US Department of Justice (DoJ), the New York Attorney General (NYAG), the US Department of Labor, the SEC and private customer
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