Asset managers face last-minute fee puzzle on benchmarks
Banks and brokers inform clients at the last minute
Buy-side firms are struggling to figure out what banks are planning to charge for benchmark orders as a last-minute flurry of notifications left them scouring through various proposed structures just days ahead of when the changes are set to kick in.
There are even some sell-side firms who have yet to inform their clients of what they are planning to charge for fix orders, with some hoping for a last-minute push back to the Monday implementation deadline of recommendations to overhaul FX
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