Benchmarking ‘not enough’ to protect against conflicts of interest in Mifid

In its report, ‘Options for providing best execution in dealer markets’, IBM concluded that such conflicts arise when firms seek to maximise profit, but are also required to deliver the best possible result for the client.

Currently, the Financial Services Authority (FSA) in the UK advocates using benchmarks, or potential reference prices, to serve a firm’s best execution requirements. IBM found that of the variety of benchmarks reviewed, external prices from client-dealer electronic

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