Banks Prepare to Charge Fees for Trades at Benchmark Currency Rates
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Some of the world’s biggest currency dealers are preparing to charge clients for trades at benchmark rates, according to people with knowledge of the matter.
Barclays Plc, Deutsche Bank AG, and JPMorgan Chase & Co. have told customers in recent weeks they may start charging fees for trades executed at the WM/Reuters rates, including the 4 p.m. London fix, said the people who asked not to be identified because the discussions are private. Citigroup Inc. is weighing similar plans, one of the people said.