An Open Letter From BNY Mellon

As published on October 6, 2011 in the Wall Street Journal, New York Times, and Financial Times

Recently, we have been named in lawsuits that wrongly claim that we haven't been truthful about the pricing of foreign exchange (FX) services we provide to our institutional clients. Those claims are flat out wrong and we will fight them in court. Our reputation for integrity — one earned with a 225-year track record of consistent, reliable and honest customer service — is one we will defend.

Every single day, we compete in the global FX marketplace. We offer our FX services at competitive rates to all of our clients and, with each trade, our clients and their investment managers can choose whether to use us or one of our competitors. In fact, every morning, clients working with our US trading desks are provided a guaranteed price range and every day can choose to opt out of our "standing instruction" service. Clients and their investment managers also have full access to daily reports that detail the prices they received for each FX transaction. Our clients are funds with billions of dollars of assets managed by smart and sophisticated professionals who either work for the funds or for investment management firms retained by the funds. Our clients and their investment managers understand the FX market and are paid as fiduciaries to determine what is in the best financial interests of their funds. They also understand that no rational institution provides global FX services, and assumes the attendant principal risks, for free.

As a competitive, commercial institution, we negotiate with clients regularly. While we are always open to resolving confusion or a dispute on a commercial basis directly with our clients, we simply will not be coerced into admitting wrongdoing that does not exist.

We are confident that we have acted properly and we have an obligation to our shareholders, including many pension funds, to fight against these unwarranted allegations.

Our top priority, as always, is to continue to earn the trust of our clients. You can learn more by visiting