State Street will disclose more details on FX pricing due to litigation over its FX trading services for clients, The Wall Street Journal reports. It is releasing details about the way it sets the rates for the product and the alternatives offered for addressing foreign exchange requirements.
The increased disclosures, as well as information on other FX options the bank offers may reduce the operation’s revenue and profitability, as per the bank’s filing with the Securities and Exchange Commission. State Street recently faced allegations from pension funds and state attorneys general on overcharging for FX transactions.
Click here for the story from The Wall Street Journal.