The French Banking Federation (FBF) is in favour of an open competition between regulated markets, multi trading facilities (MTFs), and internalisation of orders by investment firms, based on a number of rules.
FBF supports the adopted measures as regard to:
pre-trade transparency,
the rule by which limit orders should be transmitted to a regulated market or an MTF when they cannot be immediately executed through internalisation,
the disclosure obligation for a minimum order size, and
the formal approval from a client of the internalisation of orders.
However, the Federation is of the opinion that intermediary should only be able to internalise up-front a limit order when there is no other available investor order which could be matched in the same conditions against the order received. Finally, FBF calls for a clarification and simplification of best execution rules.
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© FBF - French Banking Federation
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