As a result, the share of fixing orders executed by algorithm has increased substantially, as we document in the progress report. There is also considerably enhanced internal scrutiny from senior management around fixing transactions. Some firms have physically separated their fixing desk from other desks. This segregation of trading functions has involved some cost.
Other participants regarded the cost of implementing this recommendation as being too high, given the size of their business, and have not implemented it to date. Others have decided to cease offering this service directly, in some cases offering customers a portal to other fixing services instead.