State Street agrees markup settlement – $530m expected
This follows a SEC investigation into the FX rates charged by the bank to custody clients
State Street Bank and Trust Company has agreed to pay a settlement of $382.4 million to the Securities and Exchange Commission (SEC) and other US regulators for misleading mutual funds and other custody clients by applying hidden markups to foreign currency exchange trades.
The penalty relates to State Street's custodian business, which offers services such as Indirect FX. This facility allows clients to buy and sell currencies when they need to settle transactions involving foreign securities
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