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International financial bodies slam internalisation proposals

The Association of Private Client Investment Managers and Stockbrokers has rejected proposals by Euronext suggesting that all securities be routed to exchanges for execution.

In a position paper to the European Commission, the APCIMS says that imposing the proposals would protect neither the integrity of the markets nor the interests of investors.

It says a “one size fits all” approach would be catastrophic for the European capital market and would be an impractical and retrogressive move in today&#39s trading environment.

The paper argues that if Europe adopts the proposals, liquidity would be severely damaged, the majority of investors will receive worse prices and the cost of capital for issuers would rise.

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