The FCA And Unbundling

An edited conversation between David Lawton, Director of Markets, FCA and Edward  Mangles, Regional Director, Asia Pacfic, FIX Trading Community

The FSA introduced a new regime for what dealing commissions could be used for in addition to execution back in 2006. We have reviewed it a couple of times since then and are presenting a further round of review this year with.

There are three elements to this;

  • The first is that in response to industry questioning, we have clarified in our guidance precisely what research can be bought using commissions.
  • The second is that we have done a thematic review of how both buy-side and sell-side firms are complying with our rules and we’re presenting that back to the industry.
  • Thirdly, given that in Europe we are in the context of introducing some new legislation , the FCA are keen to put forward some thoughts on what the more ideal longer term arrangements for dealing commissions in the market for research might look like.
(This article was first published in the Electronic Trading Journal-GlobalTrading, Q4 2014 Issue #52)


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