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Our Secondary Markets and Corporate Finance Expert Groups contributed to our response to the FCA DP14/3 on the use of the dealing commission regime. We noted that the proposals put forward will decrease the amount of research available on small and mid-size quoted companies and negatively affect their ability to raise finance, grow and create jobs. We argued that a reduced level of research will have a negative impact on the trading liquidity of UK small and mid-size quoted companies, leading to greater volatility and higher bid offer spreads for these companies, as well as reducing market efficiency. We supported that research is the most efficient way to disseminate thoughtful company analysis and prompt discussion among market stakeholders and argued that the FCA should conduct a thorough assessment of the measures taking into consideration the impact on small and mid-size quoted companies.

Click here to download the response (pdf)

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