Opinion & Analysis

Despite the promises of better behaviour by banks after their fines for past abuses in the foreign exchange markets, investors should subject their currency transaction procedures to a thorough review to ensure best execution.

The record fine imposed by the UK’s Financial Conduct Authority (FCA) on US bank BNY Mellon’s UK entities - BNY Mellon London branch (BNYMLB) and Bank of New York Mellon International Ltd (BNYMIL) - for breaches of the rules on the safekeeping of client assets signals an aggressive new stance by the UK regulator. The FCA’s findings could prompt reviews of business models and management processes at other custodians. Meanwhile, investors need to take a close look at the robustness of their existing custody arrangements.

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