At a recent Euromoney FX conference, one buy-side participant told me how he had to have competitive quotes, backed up by full details of the deal from pre- to post-trade to satisfy his auditors every time he did a spot transaction. In contrast, whenever he did an option, he didn’t have to bother with any of that. I pointed out that, as far as I understood it, his policy ran contrary to what would happen in the post-Mifid environment.
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