Industry unites against FSA's benchmark pricing proposal for MiFID

FSA plans to impose a benchmark-based pricing system on dealer-led markets have been savaged within the industry. The main objections revolve around liquidity


As next year's deadline for implementation of the Markets in Financial Instruments Directive (MiFID) approaches in Europe, market participants are up in arms over one key issue that is still unresolved.

A suggestion from UK regulator, the Financial Services Authority, to use benchmark prices in dealer-led markets to demonstrate best execution has proved so unpopular that one industry group - the Futures and Options Association - commissioned a report from consultancy KPMG to summarise the

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