Brokers Seek Clearing Transparency

"Some post-trade proprietors are direct-debiting money from us, the clients, before they give us the invoices," said Robert Barnes, managing director, equities with UBS, who spoke at a recent exchange and trading venue conference in London. Lower, transparent costs will lead to more liquidity and better results for the end investors, he adds.

According to Barnes the European Commission is supporting the initiative and has invited banks to discuss concerns this week.

"We call for improved tariff

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