FSA's Mifid is "inconsistent and flawed"
LONDON – The Financial Services Authority's (FSA) preliminary proposals for best execution requirements under the Markets in Financial Instruments Directive (Mifid) have been savaged by three leading investment trade associations.
The International Capital Market Association (ICMA), the International Swaps and Derivatives Association and the Bond Market Association jointly responded to the current FSA discussion paper on best execution and tore into the proposals outlined in the paper regarding benchmarking.
The main bone of contention is the FSA's decision to explore whether an execution model based on benchmarking would be
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