Spitzer to drop RBC inquiry

Eliot Spitzer, the New York State attorney general, will not pursue a formal inquiry into Royal Bank of Canada (RBC) for overpayments its clients made on foreign exchange trades, RiskNews' sister publication FX Week has learned.

Although the attorney general’s office refused to comment on the case, which was opened last March when it served a subpoena requesting information from RBC, sources close to the investigation confirmed it had been dropped. The case has not been closed, however, and the current position could change if any of RBC’s clients were to file a complaint with Spitzer’s office, said the source. Spitzer’s interest in RBC stemmed from reports in the UK financial press that Canada’s largest bank had

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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