The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

CalPERS and CalSTERS: Stripe me up!

Several sources contacted me asking what I thought about ‘the biggest story to hit FX since, well, the last one’.

It’s not been a good week for State Street. As well as a fall in revenues (see State Street reports fall in trading revenue), the Boston-based bank is being sued by the State of California, which is alleging that State Street overcharged two of its high-profile pension funds on securities-related FX transactions. Several sources contacted me asking what I thought about ‘the biggest story to hit FX since, well, the last one’.

One of them, Integral’s Matthias Beckmann, says: “This came to light because of whistleblowers. We take this as validation that there is a strong need for TrueFX and its free historical and streaming real-time data to increase transparency and the safety of FX market participants.”

Beckmann may be wearing his PR hat, but he does have a point. And this incident goes a long way to support some of my recent ranting about how everyone in FX should be concerned about the impact of acts that portray the industry in a bad light. However, I disagree with the claim that the allegations over CalPERS and CalSTERS, as the funds are known, are the biggest story in FX for some time.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree