The EU directive has disoriented the investment
research market. Will it find the correct path
Following years of contemplation and revisions, somehow
managing to arrive one year late and that still being too
early, round two of the EU's Markets in Financial Instruments
Directive (Mifid II) is a particularly unwelcome guest.
With far-reaching implications for brokers, traders and
advisors, research analysts, lawyers and chief executives, from
California to Canberra and (almost) everywhere in between,
never before has the financial services industry been so united
by one cause – and by a piece of regulation, no
And with just over six months to go, some of those
implications are only now trickling down. The Asian market is
now beginning to get to grips with what Mifid II means for it
(see boxout on pages 26 and 27), and the US is doing all it can
to minimise the impact of...