TradeTech Europe 2015 (past event)
14 - 15 April, 2015
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Unforeseen Consequences
The Financial Conduct Authority’s (FCA) recent announcements about Commission Sharing Agreements (CSAs) affect asset managers on the continent just as much as their UK counterparts, according to German
asset management association, BVI’s Rudolf Siebel.
Continental asset managers were surprised that the ESMA is addressing the subject of unbundling. Given that the Level 1 directive does not discuss research, but speaks in general terms about inducements, we were surprised by the direction the ESMA took. Our members are now investigating what is driving the FCA in this discussion.
(This article was first published in the Electronic Trading Journal-GlobalTrading, Q4 2014 Issue #52)
asset management association, BVI’s Rudolf Siebel.
Continental asset managers were surprised that the ESMA is addressing the subject of unbundling. Given that the Level 1 directive does not discuss research, but speaks in general terms about inducements, we were surprised by the direction the ESMA took. Our members are now investigating what is driving the FCA in this discussion.
(This article was first published in the Electronic Trading Journal-GlobalTrading, Q4 2014 Issue #52)
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