The UK's Office of Fair Trading said it will start looking into equity underwriting fees, a move welcomed by the AFME. The group said the OFT's probe could be "useful in bringing clarity to a topic on which there has been much speculation". The AFME expressed confidence that investment banks would be vindicated by the study: "Investor uncertainty and market volatility has undoubtedly made underwriting a more risky activity for the banks, at a time when all have been seeking to manage their exposure to risk more carefully."

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