Brokers contemplate breaking Mifid laws
LONDON - The Association of Private Client Investment Managers and Stockbrokers (Apcims) has said UK stockbrokers are in a legal bind over the best execution laws introduced by the Markets in Financial Instruments Directive (Mifid) from November 1.
Retail brokers serving millions of individual investors in the EU's biggest financial market execute trades through an intermediary, often a global bank. From November, some intermediaries will trade on new platforms that compete with exchanges and therefore, client consent would be required. The 12 intermediaries serving UK brokers have still to announce where they will execute orders and brokers with thousands of clients know that they will not be able to obtain written consent in time. They
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