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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
