Fidelity [profile] is pushing BNY Mellon Corp and other custody banks for stricter pricing on certain foreign currency trades, according to Reuters.

The newswire says that this is the latest sign of how big investment managers are using the same tactics as public pension funds to cut expenses.

Reuters reports that BNY had been taking advantage of customers like Fidelity and overcharging on so-called standing instruction FX trades, according to lawsuits filed by the U.S. Department of Justice and others. Now customers are paying more attention, putting pressure on the bank's revenue.

Learn more about this escalating pricing battle at Reuters. 

Edited by: Tommy Fernandez


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