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BONY Mellon Ordered to Cease-and-Desist and Sanctioned Over $163 Million in FX Best Execution Misrepresentation Case

In the Matter of The Bank of New York Mellon, Respondent

  • 2016
  • $163 Million

Respondent was charged with misrepresenting that it would obtain best execution in its foreign currency exchanges for clients, while actually pricing these transactions late, at or near the worst interbank rates for the day or trading session, and profiting from the difference between the rates assigned to clients and the rates that it obtained on its own behalf. The settlement of this proceeding was part of a global settlement with the U.S. Department of Justice and the New York Attorney General.

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