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The Boston Globe


Fidelity moved trades away from BNY Mellon

Foreign-exchange business shifted in ’09

The controversy over foreign-exchange trading costs had not yet made headlines in September of 2009. But Fidelity Investments was already shifting trades away from a major player in the arena, Bank of New York Mellon Corp.

Internal e-mails among BNY Mellon executives at the time show “significant lost business’’ at the bank from Fidelity’s institutional arm, Pyramis Global Advisors and Fidelity Canada. The e-mails detail the bank’s efforts to keep the powerhouse client by slashing prices - and then returning prices to “normal’’ when the effort failed.

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