Home \ Terms \ Topics \ Foreign Exchange Swaps

You are here

Foreign Exchange Swaps

BNY Mellon Settles Part of Foreign-Exchange Trading Lawsuit Filed by U.S.

Bank of New York Mellon Corp. agreed to change its disclosure statements for so-called standing instruction foreign exchange transactions to partly resolve a lawsuit by U.S. prosecutors.

The bank won’t use the phrase “best execution” in describing its standing instruction service to clients or say that it’s free, according to the agreement approved yesterday by U.S. District Judge Lewis Kaplan in New York. The U.S. won’t seek a court order forcing the bank to disclose how it prices the transactions, according to the filing.

Pages