Trade associations slam UK regulator's proposals for benchmarking

The UK Financial Services Authority’s proposals for using benchmarking for over-the-counter derivatives and structured products have been roundly criticised by three financial trade bodies.

A joint statement from the International Capital Market Association, the International Swaps and Derivatives Association and the Bond Market Association argues that the FSA’s proposals for benchmarking – comparing a price offered by a dealer to an accepted market valuation – are inappropriate for ensuring tha

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