IMA takes issue with FSA's MifID proposal

The Investment Management Association (IMA) has publicly expressed its opposition to the FSA's proposal to employ price benchmarks in dealer markets as part of MiFID's best execution process. MifID, the Markets in Financial Instrument's Directive, is a key part of the EU's Financial Services Action Plan, which is designed to create a single market in financial services. Despite agreeing with the majority of the FSA Discussion paper DP 06/03 - Implementing MiFID's Best Execution Requirements, the trade body argues MiFID's text on best execution should, in certain instances, apply a duty of ...