Providers of CFD and spreadbetting services could be forced offshore because of MiFID best execution rules.
Ash Saluja , partner at law firm CMS Cameron McKenna, says its 20-strong team working on MiFID and other regulations has interpreted the best execution rules set to be applied to the three different types of clients - consumer (retail), professional (intermediary) and market counterpart - as meaning it will no longer be possible to do business from within the UK. This is because the FSA - in its recent discussion paper on the issue of best execution - has suggested providers of CFDs and spread betting services should try to work according to a system of price benchmarking. The problem w...
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