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

Soft dollar and proprietary trading, securities lending, foreign exchange and custody arrangements are additional issues in need of review.

FORBES: SEC Commissioners Wanted: Plaintiffs Lawyers and Consumer Advocates Need Not Apply (Sept 10,2010 )