At least three execution-only stockbrokers - Halifax Sharedealing, Charles Schwab Europe and Selftrad...
The Committee of European Securities Regulators (CESR) is holding hearings on reactions to its proposals for new rules on execution-only brokering.
Proposals put forward by CESR include forcing brokers to keep detailed records on customers' investment objectives, risk profiles, and knowledge of investing before allowing trades to proceed.
APCIMS will argue that such rules would significantly increase the cost of execution-only brokering, and would go against the very definition of the sector - one in which investors are not looking for advice and simply want the lowest cost possible for buying and selling equities.
"There is, for example, a strong demand out there for this type of service from people who have their windfall shares tucked behind the mantlepiece, says APCIMS spokesman Brian Mairs.
"Part of what we are seeking to do in Paris is find out that the execution-only model is secure."
"We would like to make sure the focus is on what is actually necessary rather than on what is desired."
CESR says in its proposals that while lowest cost is a worth goal, there must also be some minimum standards of customer protection across the EU block "to ensure an appropriate level of transparency and confidence in the relationship between the customer and an investment firm."
Currently existing rules for extablishing an account for execution only brokering in the UK are far more liberal than in, say France or Germany, where new customers are required to fill in far more personal details before being accepted.
Brian Mairs said APCIMS High Volume Committee, which includes broker's representatives, will be discussing the Paris meeting with the FSA next Wednesday as part of its ongoing involvement in the issue.
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