Even with such approval, flexible pay can only rise to twice the level of fixed salary.

WSJ: Swiss Back Executive-Pay Controls

Mr Gilbert said the level of fixed-income business that had left Aberdeen Asset Management had "slowed significantly" and the company continued to be successful in attracting new investment to global equity and emerging market equity funds.

BBC: Aberdeen Asset Management 'won't reduce fees'

Another example: Brokerage commissions for buying and selling stocks were once set by the SEC at a fixed level.

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