Buy-side grapples with fix fee puzzle

Structural changes accelerated as a result of the regulatory probe

Solving a sudoku puzzle with a pencil

Buy-side market participants are struggling to work out the best way forward for executing benchmark orders as banks and sell-side institutions have deluged customers with various costing models, thanks to the fallout from the regulatory probe into FX that continues to reshape currency markets.

Recommendations from the Financial Stability Board (FSB) have forced the sell-side to build in a fee for benchmark orders, effective from February 16, but left the door open for interpretation, which led

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