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FX Transaction Cost Analysis

Why Conduct FX TCA?

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FX pricing is a hot topic among pension funds, and recent high profile cases have brought to light that even some of the largest public pension funds in the U.S. have been susceptible to poor FX execution. Several states are stepping up probes into whether banks have been overcharging public pension funds in converting currencies for securities trades.

Officials in Florida, Virginia, and California, among others, are examining FX fees paid by state retirement systems to determine whether banks charged their pension plans false exchange rates for foreign currency trades rather than the actual rates. Washington State was successful in recovering $11.7 million from State Street after a dispute over foreign exchange trade costs from 1997 to 2007. While these lawsuits seem to be cropping up with increasing regularity, it is Klarity’s view that litigation can be prevented with proactive and ongoing monitoring of FX transaction costs.

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