Industry slams FSA benchmarking proposal

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The UK's Financial Services Authority (FSA) has come under fire from a group of financial trade associations over its proposals for price benchmarking in fixed-income and derivatives transactions, as part of the best-execution requirements under the European Union's Markets in Financial Instruments Directive (Mifid).

The Bond Market Association, the International Capital Market Association (ICMA) and the International Swaps and Derivatives Association last month issued a highly critical response

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