The bank essentially performs foreign exchange transactions, such as yen vs. euro, or dollar vs.
State attorneys general are pursuing allegations that certain custodian banks overcharged pensions for foreign exchange transactions.
FORBES: Pensions Demand Return of Global Custodian Bank Overcharges
In its history, CLS Bank has taken the risk out of foreign exchange transactions among its participants.
Bank of China is the country's biggest bank for foreign exchange transactions, so the account closure could hurt the North Korean institution.
It is not possible to impose an FTT on foreign exchange transactions in the EU. An FTT will not reduce volatility, it will increase it.
To appreciate the dollar's dominant international role and why it will be so hard to dislodge, consider that the dollar enters one side of 90% of all the world's interbank foreign exchange transactions.
Since the mechanism of a currency transactions levy is supposed to be based on taxing the net position of foreign exchange transactions, it could represent a restriction of the free movement of capital and payments (Article 63 TFEU).
This is a flow variable and so should largely exclude currency valuation effects, but the drawback is that it will usually overstate the amount of official FX intervention as it includes monthly foreign exchange transactions by the PBoC and commercial banks.
Desperate for hard currency, the government imposed curbs on imports and foreign-exchange transactions.
When times were good, there was enough money sloshing around to fuel equity markets (Hong Kong's strength) and foreign-exchange transactions (Singapore's forte).
He learnt his economics at Yale under James Tobin (whose proposal for a tax on foreign-exchange transactions he argued against within the commission).
For example, the "Big Bang" financial deregulations include liberalizing foreign-exchange transactions, lowering securities trading costs and opening securities underwriting and investment-trust management to new players.
State prosecutors are getting help from an organized group of whistle-blowers in a widening investigation into whether banks overcharged public pension funds by tens of millions of dollars for foreign-exchange transactions.
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During their monthly meetings, Curiel would ask Franco to sign documents in English that Franco could not understand, including an International Swaps and Derivatives Association agreement that facilitated the foreign exchange and option transactions, the complaint alleges.
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In fact, interventions do not have to match the total, or even a significant part, of all transactions conducted on the foreign-exchange market to be effective, but only the ex ante imbalances in these transactions.
Banks will still be able to trade swaps to hedge risk and trade interest rate or foreign exchange swaps, but dealing in riskier swaps transactions must still be moved into affiliates.
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That free ride is over now: Banks have extended currency exchange fees and usage fees to transactions made in foreign countries.
Given the ambit that the FCPA covers, both U.S. and foreign companies listed on a U.S. stock exchange, and the number of individual transactions engaged in by businesses, one might expect the number to be much higher.
International equity investment managers long complained to me that the foreign exchange arrangements my public pension clients entered into with their custodians, which forced external money managers to settle such transactions with the custodian resulted in poor execution and diminished international equity performance.
FORBES: Pensions Demand Return of Global Custodian Bank Overcharges
Those concerns are growing amid mounting accusations that the banks and brokerages which handle their securities transactions have been over-charging corporations and public entities for various services, including securities lending and foreign exchange conversions.
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