Two big investment banks are refusing to accept orders routed from fund managers in London using ITG’s Triton execution management system because of a row over interpretations of the Financial Services Authority’s rules against soft commissions.
The two Canary Wharf investment banks, both leaders in electronic trading, allege that the system of charges, which requires them to pay a percentage of the value of trades executed, effectively subsidizes the cost of Triton to ITG’s clients. They allege that this would be in breach of the FSA’s rules against the use of soft commissions.
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