This article (see link below), by Eva Szalay, editor of FX Week, neatly summarises the key issue with the FX business. Stashing fees in spread should be a source of shame to asset managers, but it continues, despite new MiFID2 requirements. Charging investors for TCA is wrong as these fees should be paid by the ManCo, but it’s doubly wrong when the fees for TCA are hidden in the spread. FX has a long history of using spread to hide charges, murky deals and so on, but this must change. Articles like this one will help.