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110. This review does not believe that there is a case for exempting trading funds from the presumption of marginal cost pricing on a blanket basis, without critically examining on a product-by-product basis whether the exemptions are in the public interest. Current policy for non-trading funds is to assume that marginal cost pricing generates the most economic and social value for the UK. Deviations from the marginal cost presumption ought only to occur when there is clear reason to believe that the public interest is best served by charging.

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