Investment banks and asset managers look set to be among the
biggest losers after todays adoption of the twice-delayed
Mifid II proposals.
In a press conference this afternoon, Michel Barnier,
European commissioner for internal market and services, called
this a decisive week for Europe, marking a complete overhaul of
the way financial markets work.
The reforms are an important part of Europes
post-crisis supervisory architecture, aiming to increase
competition and transparency in the European securities market
and modernise market structures.
But according to Harry Eddis, counsel at Linklaters,
Mifid II will not only reduce investment banks
competitive advantage in some areas, for example the seeming
eradication of dark pools, but also increase their costs by
imposing increased surveillance and compliance requirements