FCA meddles with league tables, IPO allocs
The UK’s Financial Conduct Authority will look over some banks’ shoulders to make sure they are allocating IPOs fairly and is trying to get league table providers to reduce incentives for banks to engage in ‘league table trades’ in the MTN and equity block trades markets.
These are two of the main conclusions in the final report of the FCA’s Investment and Corporate Banking Market Study, published on Tuesday.
“League tables as a regulatory priority — I mean, you couldn't make it up,” was the response of one bewildered head of equity capital markets.
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