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(TOBY MELVILLE/REUTERS)

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U.K. cracks down on fees for corporate access

Here comes another headache for the equities business. The U.K. Financial Services Authority is to stop fund managers using equity trading commissions to pay brokers for arranging face time with company management. The regulator’s thinking is that “corporate access” doesn’t constitute equity research. It’s a sensible move that removes a bad incentive for fund managers to shunt trading business to certain brokers.