FSA exempts dealer-led markets from MiFID

The Financial Services Authority (FSA) has shelved the idea of implementing price benchmarks in dealer-led markets to measure compliance with MiFID's best execution requirements. Earlier this year a discussion paper, which outlined the suggestion, left market participants up in arms, deeming the proposal to be unworkable.

In its latest consultation paper which looks at reforming conduct of business (COB) rules to comply with the MiFID requirements, the UK regulator says: "Although the COB rules

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