Banks' profits could take hit in fight over forex fees
Skip to main content
pilogo-NEW
Subscribe
  • Subscribe
  • My Account
  • login
  • NEWS
    • Asset owners and the coronavirus
    • Alternatives
    • Consultants
    • Coronavirus
    • Defined Contribution
    • ESG
    • Frontlines
    • Hedge Funds
    • Investing / Portfolio Strategies
    • Money Management
    • Pension Funds
    • People Moves
    • Private Equity
    • Real Estate
    • Searches & Hires News
    • SECURE Act
    • Special Reports
    • WorldPensionSummit
    • Ron Schmitz
      Pandemic drives faster transition for Virginia to private markets
      Mubadala Investment Co. logo
      Mubadala draws on portfolio in coronavirus fight
      T.J. Carlson
      Texas Muni reduces downside risk during pandemic, finding opportunities now
      Scott Davis
      ‘Triage plan’ at Indiana system helped stem losses
    • BentallGreenOak agrees to acquire Metropolitan Real Estate Equity
      watch video
      0:45
      Private funds weathered 2020 turmoil
      Daniel McHugh
      Aviva Investors promotes from within for real assets CIO
      Marc Rowan
      More alts managers seek expansion to retail market
    • Kieran Mistry
      Hymans Robertson picks head for new non-traditional risk transfer unit
      Troy Saharic
      NEPC brings on director of new business development
      Bill Foley
      Foley-backed SPAC agrees to $7.3 billion deal with Alight
      Jason Schwarz, chief operating officer of Wilshire,
      New owners have big plans for future of Wilshire
    • OMERS CEO Blake Hutcheson
      OMERS records worst loss since 2008 on bad COVID-19 bets
      Mitchells & Butlers turns off tap on pension contributions until April
      Jerome Powell, chairman of the Federal Reserve, adjusts his glasses during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington on Sept 24, 2020.
      Powell says Fed will hold steady during economic recovery
      Institutional investors mobilize for equitable global COVID-19 response
    • Database’s debut focuses on public-sector DC plans
      DC plan sponsors differ on need for annuities – survey
      Biden’s retirement idea getting the cold shoulder
      Few participants tapped savings to weather pandemic – Vanguard
    • Emissions from a smokestack in Poland
      Asset managers facing more scrutiny on ESG issues – report
      Boris Johnson, U.K. prime minister, hosts the U.N. Security Council's virtual meeting on climate change risks in London on Feb. 23, 2021
      Progress in fighting climate change falls short – U.N.
      Justin Trudeau, Canada's prime minister, smiles during a virtual joint news conference with U.S. President Joe Biden in Ottawa on Feb. 23, 2021
      U.S. joins forces with Canada on climate change
      Signage is displayed at Harvard University Health Services in Cambridge, Mass., on April 20, 2020
      Harvard endowment’s fossil-fuel investments drop to 2% of assets
    • Spirit winners
      Prudential honors young people who are helping out
      2 U.K. pension execs take on ESG investing in new podcast
      Donation illustration
      Jefferies will use trading commissions to do good
      Michael Arougheti
      SPACs ride wave as latest investment darling
    • Robert 'Rob' Shafir listens during a Senate Permanent Subcommittee on Investigations hearing in Washington on Feb. 26, 2014
      Sculptor hedge fund hits sixth straight year of outflows
      The WallStreetBets forum on the Reddit Inc. website on a laptop computer and the GameStop logo on a smartphone in an arranged photo.
      GameStop frenzy has hedge fund managers rethinking next moves
      Gabe Plotkin, chief investment officer and portfolio manager of Melvin Capital Management, speaks during the Sohn Investment Conference in New York on May 6, 2019
      Citadel, Point72 back Melvin with $2.75 billion after losses
      Shanghai skyline
      Global hedge funds struggle even in a more open China market
    • Illinois Teachers chalks up $1.3 billion in investments, commitments
      Emissions from a smokestack in Poland
      Asset managers facing more scrutiny on ESG issues – report
      Indiana chooses PIMCO for emerging markets debt
      Boris Johnson, U.K. prime minister, hosts the U.N. Security Council's virtual meeting on climate change risks in London on Feb. 23, 2021
      Progress in fighting climate change falls short – U.N.
    • Margaret Anadu
      GSAM chooses global head of sustainability and impact
      Signage for AMP Ltd. adorns the top of a building in the Docklands area of Melbourne on May 10, 2018
      Ares, AMP eye joint venture
      Thasunda Brown Duckett
      TIAA appoints Thasunda Duckett as president and CEO
      Brightwood Capital adds senior investment professional
    • Thomas Spencer
      Oklahoma Teachers chief Tom Spencer to retire
      Swedish flags fly from a tourist souvenir shop in Gamla Stan in Stockholm on March 26, 2020
      Sweden’s AP1 gains 9.7% in 2020
      CDPQ returns 7.7% in 2020
      Cleveland-Cliffs to pour $202 million into pension plans in 2021
    • Thomas Spencer
      Oklahoma Teachers chief Tom Spencer to retire
      Margaret Anadu
      GSAM chooses global head of sustainability and impact
      Doug Heron
      Lothian Pension Fund to lose CEO this year
      Correction: PGIM Real Estate
    • Carlyle secures $4.1 billion ESG-related credit facility
      Hamilton Lane raises $3.9 billion for fifth secondary fund
      PSG closes first Europe-focused fund at $1.5 billion
      Kohlberg closes latest private equity fund at $3.4 billion
    • Sebastiano Ferrante and Jocelyn de Verdelon
      PGIM Real Estate turns to staff to fill new roles
      European managers key in on specialist strategies
      Ingrid Jacobs
      Jones Lang LaSalle brings on head of diversity and inclusion
      EQT inks deal to buy real estate manager
    • Neal and Brady
      Retirement security could be only issue both sides accept
      Retirement cartoon
      Hopes rising for retirement readiness in 2021
      Shawn O'Brien
      Annuities coming to target-date funds, but not right away
      David Ireland
      Sponsors returning to questions about in-plan annuities
    • Charging Bull, sometimes referred to as the Wall Street Bull or the Bowling Green Bull, a bronze sculpture that stands on Broadway just north of Bowling Green in the Financial District of New York City
      Top-performing managers Q4 2020
      P&I 1,000 largest retirement plans: 2021
      Retirement in emerging markets
      Outlook 2021
    • U.S. still a key market for investors
      Collected coverage of P&I's 2020 WorldPensionSummit
      Pedestrians pass a large advertisement on the Arndale Center shopping mall reading 'Act now to avoid a local lockdown' in Manchester, England
      COVID-19 puts new opportunities and risks on the agenda - WPS panelists
      Screens display stock price information over the trading floor of the NYSE Euronext exchange in Paris
      Private assets will continue to grow in portfolios – WPS panelists
  • Data
    • Research Center
    • Searches & Hires Database
    • Searches & Hires News
    • RFPs
    • Charts / Infographics
    • Sponsored Research
    • Trackers
    • Q2 2020 searches and hires overview report
      Q2 2020 money manager M&A activity summary
      Q2 2020 legal overview report
      Q1 2020 searches and hires overview report
    • Illinois Teachers chalks up $1.3 billion in investments, commitments
      Indiana chooses PIMCO for emerging markets debt
      New York Deferred Comp plan re-ups with Goldman as stable value manager
      Ann Arbor Employees taps Artisan Partners for international equities
    • Illinois Teachers chalks up $1.3 billion in investments, commitments
      Indiana chooses PIMCO for emerging markets debt
      New York Deferred Comp plan re-ups with Goldman as stable value manager
      Ann Arbor Employees taps Artisan Partners for international equities
    • Emerging Market Equity Manager Services
      Securitized Credit Manager Search
      Private Placements Asset Manager Search
      Actuarial Consultant Search
    • Taiwan Semiconductor’s No. 1 in the emerging markets book
      U.S. fixed-income returns post another positive year
      Nasdaq delivers an impressive year
      U.S. dollar's recent decline continues
    • Institutional Investors: Shared Expectations, Divergent Paths
      Global Investor Study 2016
      Workplace Financial Wellness
    • U.S. Endowment Returns Tracker
      Pension Fund Returns Tracker
      Earnings Tracker
      Corporate Pension Contribution Tracker
  • Insights
    • Opinion
    • White Papers
    • Industry Voices
    • Letters to the Editor
    • Partner Content
    • Publisher's Update
    • Tesla cartoon
      Don’t confuse wealth creation with retirement saving
      Top 1000 cartoon
      Top 1,000 retirement plans weather storm just fine
      Infrastructure cartoon
      You must go big on infrastructure, Mr. President
      Retirement cartoon
      Hopes rising for retirement readiness in 2021
    • Shifting DC Times – Winter 2021
      Bond ETFs show maturity during Covid market mayhem
      Pension Consolidation: Optimizing Scale and Maximizing Efficiency
      China is embarking on a new stage of growth
    • David Blitzstein
      Commentary: Without a national retirement policy, Americans face a future of pension crises
      Lawrence Cunningham
      Commentary: Gensler should keep Clayton’s pragmatic proxy adviser rules
      My-Linh Ngo
      Commentary: Pension funds and the role of the debt market in the fight against climate change
      Bill Peressini
      Commentary: Carbon’s elemental role in the future of impact investing
    • Writer using a typewriter
      OCIO industry needs to adopt GIPS
      Writer or journalist workplace. stock illustration
      Even as it assails China, Trump administration emulates it
      Skeptical of Main Street support for proxy adviser proposal
      Focus on manager diversity pushes asset owners’ to walk the talk
    • P&I Content Solutions
      How will gold react?
      To people shaking hands
      P&I Content Solutions
      Lessons From 2020: Today’s OCIO Model Passes a Major Test of Governance
      Sponsored Content By MassMutual
      Leveraging Data to Manage Risk
      Sponsored Content By iShares
      ETFs are becoming a cornerstone of insurance equity portfolios
    • Help us help you by supporting quality journalism
      You Must Believe in Spring
      Everything Must Change
      Tomatoes & Investments
  • Multimedia
    • Videos
    • Webinars
    • Polls
    • Slideshows
    • Charts / Infographics
    • watch video
      0:45
      Private funds weathered 2020 turmoil
      watch video
      0:59
      Secure choice and other retirement plans at a state level
      watch video
      3:33
      P&I 1,000 by the numbers 2021
      watch video
      1:33
      A look at hiring activity in 2020
    • Emerging Markets: Expanding Investors’ View
      2021: A Fixed Income Odyssey
      Technology is the New Oil: The Changing Nature of Emerging Markets
      Powering the Change: The power of diversity and inclusion
    • POLL: Working after the pandemic
      POLL: The year ahead for the 1,000 largest U.S. retirement funds
      POLL: The Biden administration’s economic plans
      POLL: Retirement issues in 2021
    • view gallery
      9 photos
      Coronavirus and the markets
      view gallery
      22 photos
      The 1,000 largest retirement funds: 2020
      view gallery
      10 photos
      Outlook 2020
      view gallery
      10 photos
      2019 as seen through the eyes of Roger
    • By the Numbers for February 2021
      Top Performing Managers of Domestic Blend Equity, 4th Quarter 2020
      Top Performing Managers of Domestic Intermediate-Duration Fixed Income, 4th Quarter 2020
      Top Performing Managers of Domestic Taxable Bond, 4th Quarter 2020
  • Events
    • Conferences
    • Webinars
    • Defined Contribution Spring Virtual Series
      DC Investment Lineup Virtual Series
      ESG Investing Virtual Series
      Private Markets Virtual Series
    • Emerging Markets: Expanding Investors’ View
      2021: A Fixed Income Odyssey
      Technology is the New Oil: The Changing Nature of Emerging Markets
      Powering the Change: The power of diversity and inclusion
  • Careers
  • Research Center
MENU
Breadcrumb
  1. Home
  2. Print
April 04, 2011 01:00 AM

Banks' profits could take hit in fight over forex fees

5 public pension funds are suing custody banks over charges

Randy Diamond
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Bloomberg

    The legal battle over fees for foreign exchange trading could hit the bottom line of global custody banks if public pension plans are successful in their civil suits.

    Five legal actions have been filed and attorneys general in at least 20 states are reviewing whether to sue over claims that public pension plans in their states were overcharged when they traded U.S. dollars and other currencies, sources said. The currency conversions at issue occurred when non-U.S. stocks were bought and sold and when stock dividends were converted into U.S. dollars.

    The legal actions are all aimed at State Street Corp., Boston, and Bank of New York Mellon, New York, the two largest U.S. custodians.

    Reducing the foreign exchange spreads for what is known as non-negotiated currency trades could potentially reduce custodian FX revenues by 55% for State Street, BNY Mellon and Northern Trust Corp., according to a February report by Sanford C. Bernstein and Co. Inc., New York. Those trades make up the bulk of currency trading between institutional investors and custodian banks, the report notes. FX trading represents roughly 8% of State Street's total revenue and about 7% of BNY Mellon's revenue, said Brad Hintz, the analyst who wrote the report.

    FX trading also represents 12% of the revenue of Northern Trust. Northern Trust has not been named in any of the lawsuits

    Although the first suit was filed in December 2009, this year has seen another wave of litigation against both State Street and BNY Mellon.

    The most recent suit was filed March 7 against BNY Mellon by the Southeast Pennsylvania Transportation Authority, on behalf of its $800 million pension fund. State Street was sued by the $9.6 billion Arkansas Teacher Retirement System on Feb. 10, while attorneys general in Florida and Virginia began legal actions against BNY Mellon on Feb. 3 and Feb. 4, respectively, on behalf of public plans in their states.

    Carolyn Cichon, spokeswoman for State Street, and Kevin Heine, spokesman for BNY Mellon, denied any wrongdoing by the banks on foreign currency overcharges.

    The suit that started it all was filed by the California attorney general in December 2009. The suit said State Street, custodian for the $230.1 billion California Public Employees' Retirement System and the $150.1 billion California State Teachers' Retirement System, overcharged both systems by at least $56 million for currency trades between 2001 and 2008.

    All of the suits focus on non-negotiated or standing instruction trades, rather than directly negotiated trades in which the currency rates are set in advance. The non-negotiated trades are usually $1 million or less and represent the bulk of trades by pension funds and their custodial banks.

    The lawsuits maintain the banks didn't charge the lowest interbank rate, the rate banks charge each other, as their contracts had required.

    In a written response to the California lawsuit, State Street didn't deny it added a surcharge, but said if the bank charged the interbank rate, it would not be able to make a profit. State Street said it fulfilled its promise because “the starting point of the rate calculations (is) ‘based on' interbank rates.”

    Contract costs

    The costs of custodial contracts for basic services such as safeguarding assets, handling paperwork on transactions and doing tax reporting are small when compared with fees paid to investment managers.

    For example, CalPERS paid out more than $1 billion to external money managers in the fiscal year ended June 30; its custodial contract was less than $5 million for the same period.

    But custodial contracts also give banks access to sell other lucrative services, such as foreign exchange and securities lending. Those services can bring in four times or more the revenue generated from the basic contract, said one consultant, who asked not to be identified.

    Mr. Hintz in his report said some pension plans may “knowingly and willingly overpay for foreign exchange trades as a quid pro quo for obtaining more competitive rates on core asset services like safekeeping and custody.”

    “This bundled pricing arrangement may be tolerated because pension plan professionals are held accountable by pension boards for explicit administrative fees, but they are less frequently made to answer for implicit trading costs (which are far more difficult to measure),“ Mr. Hintz said. “Clients therefore prefer to receive core safekeeping and custody services for next to nothing and understand that custodians ‘nickel and dime' them with opaque charges to earn an economic return on the overall bundle of services provided.”

    Late last week, officials at the $154.7 billion Florida State Board of Administration, Tallahassee, issued a request for bids for a new custodial contract, asking applicants to show how they would price services on an unbundled basis.

    Its contract with BNY Mellon, which expires in July 2012, used a combination approach that bundled the pricing of some services and kept others on an unbundled approach, said Dennis MacKee, spokesman for the Florida board. The previous contract did not address foreign currency trading, he said.

    Mr. MacKee said the board had hired a consultant in December to determine whether its bundled arrangement should be kept or whether an unbundled approach would be better. He said the consultant's work was factored in the request for bids, but he couldn't discuss the matter further because of a quiet period revolving around the bidding process.

    A review of the Florida's documents to bidders shows a series of questions detailing transparency practices in pricing for foreign currency trading.

    BNY Mellon's Mr. Heine said the bank will rebid.

    In the meantime, currency trading consultants say the legal actions seem to have promoted greater transparency by custodians.

    “We are seeing a greater willingness to discuss hitherto undisclosed methodologies and spreads. Many of our (institutional)clients are seeing positive results from this process,” said Aidan Dennis, a co-founder of Amaces, a London consulting firm specializing in helping institutional investors with their custodial services.

    Still difficult

    But Mr. Dennis said that even with greater transparency, it's still difficult for pension executives to determine if they are getting the best FX rate because currency rates can change so frequently.

    “Notwithstanding the increase in transparency, it is clear that the market has some way to evolve before all plans receive rates in line with their particular currency requirements and that all participants view these to be fair and reasonable to both sides,” he said.

    The cost of non-negotiated foreign exchange trading by global custodians dropped 63% in 2010 compared to the average cost over the previous nine years combined, according to a study in February by FX Transparency LLC, Framingham, Mass. John Galanek, chief operating officer and co-founder, said its likely rates have dropped because of the legal actions by some pension funds.

    State Street's Ms. Cichon said that since December 2009, State Street has provided all of its custody clients and their investment managers with comprehensive disclosure of the pricing and execution methodology (including the maximum markup or markdown that may be applied) for each of its standing-instruction FX services.

    BNY Mellon's Mr. Heine said the firm has always been transparent in its standing-instruction program.

    “The pricing and terms of our standing-instruction program are spelled out in various materials provided to clients and their money managers,” he said. “They acknowledge and agree to those terms in writing. Our U.S. trading desks publish a guaranteed range of FX prices every morning. Clients and money managers can compare those guaranteed rates to other market rates, and they can easily switch to a different option or provider every day.”

    Despite the lawsuits, the working relationships between some pension plans and their custodians do not appear to have suffered. Sacramento-based CalPERS, for example, is finalizing a new three-year custodial agreement with State Street.

    One of the key reasons for selecting State Street was the firm's specialized capability to help CalPERS monitor its investment assets daily, a switch from the more traditional monthly analysis, said Janine Guillot, CalPERS' chief operating investment officer, in an interview. “Because we manage so much money internally, we really need to know what our risk is and what's driving our performance every single day,” she said.

    The new agreement calls for complete transparency on the pricing of all services, including foreign currency trades, said Matt Flynn, chief of the operations, performance and technology division at CalPERS.

    What's unclear is how the new contract differs from the old one because CalPERS officials wouldn't discuss them in detail.

    Mr. Flynn did say that even before the new contract, State Street had implemented new foreign exchange rules that gave CalPERS daily information to accurately monitor FX trades, including the exact markup in spread that is applied to all transactions. He said the new information includes time stamps enabling CalPERS staff to determine the exact currency rate in effect when a transaction was made.

    The lawsuit says State Street consistently charged at or near the highest rate of the day, even if the interbank rate was lower at the time of trade. The suit says State Street concealed what it called “fraud” by deliberately failing to include time stamp data in its reports, so the pension funds could not determine the true execution costs by verifying when State Street actually executed the trades. Mr. Flynn would not discuss the suit, which is still in discovery. No trial date has been set.

    Open contract

    Documents examined by Pensions & Investments under the California Public Records Act show that CalSTRS, West Sacramento, which has had an open-ended contract with State Street since 2000, has taken no public action to discuss the matter or consider rescinding its contract since the suit was filed in December 2009. Ricardo Duran, a CalSTRS spokesman, said system officials would have no comment on their contract with State Street given that the matter was under litigation.

    A senior official of one pension plan that is involved in litigation with its custodian over the currency trading overcharge issue said he had no plans to drop the custodian. “They overcharged us on foreign currency trades, but they still do good work for us in other areas,” said the official, who requested anonymity. “Everyone is sued for fraud these days so you don't stop doing business with them over one thing.”

    Disputes over currency overcharging can occur because of a lack of regulation in the business, said FX Transparency's Mr. Galanek. “The over-the-counter FX market is still the Wild West,” he said.

    At least one state has settled its issues with its pension fund custodian over the cost of foreign currency trading.

    Without filing a lawsuit, the $76.7 billion Washington State Investment Board, Olympia, reached an $11.7 million agreement with State Street in October. Steve Dietrich, an assistant attorney general, said state officials treated the matter as a “pricing dispute” in negotiating the settlement. The investment board had alleged that it was overcharged for non-negotiated foreign currency trades that occurred between 1997 and 2007. (State Street later was replaced by J.P. Morgan.)

    “Our contractual obligations to the state of Washington were significantly different from those presented in our ongoing litigation in California,” State Street's Ms. Cichon said in a statement. “You will note that we are vigorously defending the state of California's allegations, which is consistent with our conclusion that these circumstances are significantly different.”

    However Washington's Mr. Dietrich, who helped negotiate the settlement with State Street, said investment board officials first learned of overcharging allegations from the California suit. He said the issues with Washington were the same as those in the California suit.

    Related Articles
    Washington gets $11.7 million in forex settlement
    Florida attorney general seeks to take over forex suit
    BNY Mellon sued by transit system over forex
    Table: The largest custodians
    UBS Global assets up; AMG sets record
    Massachusetts probes State Street over forex
    State Street forex probed
    Ohio treasurer calls for forex trading fee probe
    CalPERS rehires State Street despite lawsuit
    BNY Mellon seeks dismissal of Florida forex lawsuit
    Sovereign debt crisis leads top stories
    AFTRA pension fund in settlement with J.P. Morgan
    Recommended for You
    Read the print edition of P&I
    Read the print edition of P&I
    Citadel's Ken Griffin gives $125 million to Chicago museum; name will change
    Citadel's Ken Griffin gives $125 million to Chicago museum; name will change
    Gender diversity is improving on FTSE 350 boards
    Gender diversity is improving on FTSE 350 boards
    Lessons From 2020: Today’s OCIO Model Passes a Major Test of Governance
    Sponsored Content: Lessons From 2020: Today’s OCIO Model Passes a Major Test of Governance
    sponsored
    Events
     
     
    Sponsored
    White Papers
    Shifting DC Times - Winter 2021
    Bond ETFs show maturity during Covid market mayhem
    Pension Consolidation: Optimizing Scale and Maximizing Efficiency
    China is embarking on a new stage of growth
    GP-LED OPPORTUNITIES AT THE SMALLER END OF THE MARKET
    Gold Outlook 2021
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    pilogo-NEW
    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    150 N. Michigan Ave.
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • NEWS
      • Asset owners and the coronavirus
      • Alternatives
      • Consultants
      • Coronavirus
      • Defined Contribution
      • ESG
      • Frontlines
      • Hedge Funds
      • Investing / Portfolio Strategies
      • Money Management
      • Pension Funds
      • People Moves
      • Private Equity
      • Real Estate
      • Searches & Hires News
      • SECURE Act
      • Special Reports
      • WorldPensionSummit
    • Data
      • Research Center
      • Searches & Hires Database
      • Searches & Hires News
      • RFPs
      • Charts / Infographics
      • Sponsored Research
      • Trackers
    • Insights
      • Opinion
      • White Papers
      • Industry Voices
      • Letters to the Editor
      • Partner Content
      • Publisher's Update
    • Multimedia
      • Videos
      • Webinars
      • Polls
      • Slideshows
      • Charts / Infographics
    • Events
      • Conferences
      • Webinars
    • Careers
    • Research Center