FSA Paper Clarifies Softing Areas


The practice of brokers providing market data terminals to buy-side firms in return for order volumes looks set to be outlawed under a consultation document published last week by the UK's Financial Services Authority.

The document follows an earlier consultation paper, released in May, that recommended that fund managers' use of soft commissions to pay for broker services should be limited to the purchase of execution and research only. Last week's paper is intended to clarify what falls wi