Newsletter Sep 2006: Trade body’s counterblast on MiFID best execution

LONDON – The Futures and Options Association, a leading European trade body, has fired a trenchant counterblast to controversial proposals from Britain’s Financial Services Authority (FSA) over how financial firms should implement the new EU financial markets law due to come into force in November 2007. The FSA’s proposals came in a mid-May Discussion Paper on implementing the “best execution” provisions of the Markets in Financial Instruments Directive (MiFID) – the sweeping new law designed to create a single financial services market across the 25-country bloc.