Foreign exchange broker and international money transfer provider Fidelity Global Markets said it is exploring legal action against the Trump administration after the Treasury Department revoked its approval of its $1.8 billion deal to operate an exchange in New York City.
The department said in a statement Friday that the decision was based on “improper” trade practices.
Fidelity is seeking to overturn the decision by the Department of Treasury, which said in February that the company’s use of a U.K.-based broker was improper.
Fitch, which was founded in England in 1834 and is based in Zurich, Switzerland, said the Trump Treasury Department had been wrong to revoke its approval for the deal to be carried out at the New York facility.
It said it had asked the Treasury for legal advice.
The New York-based exchange, which Fidelity also operates, has received billions of dollars in U.N. aid over the years and was set up in 2007 to enable international traders to move money from New York to other cities with similar currencies.
FTSE 100 futures fell 2.6 percent on Friday.
The dollar index of British shares fell 0.9 percent, the FTSe 100 index of Germany shares fell 1.1 percent and the FASDAQ composite index of the S&P 500 fell 2 percent.
U.s. stocks closed at their highest level in nearly four weeks.
They rose 0.8 percent and traded near their highest close since November.
Fittings on the Dow Jones Industrial Average, which includes Fitch and the Nasdaq composite index, fell 0,818.10 points, or 0.4 percent, to 19,073.94.
The Nasdaq, which has lost 0.3 percent this year, was down 0.6.
The S&am index of leading S&source companies fell 0 to 9,862.30.