Benchmarking for Mifid is unnecessary and will not work, say three top trade associations
In a response to the FSA’s discussion paper, Implementing Mifid’s best execution requirements (DP 06/03), the International Capital Markets Association (ICMA), the International Swaps and Derivatives Association and the Bond Market Association (TBMA) have argued that the use of benchmarking for demonstrating the best execution requirements for the Markets in Financial Instruments Directive (Mifid) is unworkable and unnecessary.
Though the FSA’s advocacy of the use of benchmarking is as yet only
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