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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Calibrating interest rate curves for a new era

Dmitry Pugachevsky, director of research at Quantifi, explores why building an accurate and robust interest rate curve has considerable implications for a broad range of financial operations – from setting benchmark rates to managing risk – and hinges on…

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