Mifid II Archive

Aug 16, 2019
Dark-pool trading grows to its highest level post-Mifid II
While equity trading in Europe fell in July, dark-pool trading volumes swelled to their highest level since Mifid II was introduced 19 months ago, according to analysis by research and consulting firm TABB Group. The research reveals that the total average daily trading volume for Europe’s equity markets during July declined 15 percent to €53 bn ($59 bn) while dark trading rose, accounting for 9.6 percent of all on-exchange activity. Such highs have not b...
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Aug 09, 2019
Coming to America: US instigates major study into Mifid II
In the latest impact of Mifid II coming to America, a major investigation concentrating on research for small issuers has been successfully instigated by US politicians, on the back of the US coming closer to the European regulation. The US lower House of Congress, the House of Representatives, has passed a bipartisan bill requiring the SEC to study the provision of investment research into small issuers. The bill has been sent to the upper House of Congress, the Se...
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Aug 07, 2019
US buy side sees impact of Mifid II, reveals study
Research unbundling under Mifid II has hit institutional equities in the US, with research showing that buy-side firms have significantly reduced their commission pool over the last few years. New York-based research and consulting firm TABB Group, which spoke with 100 asset-management trading heads, reveals that investment managers have reduced their US commission pool by 42 percent since peaks in 2015. The study reveals that the unbundling of research and c...
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Jul 26, 2019
Mifid II and the US: The first-mover advantage
For you, what has been the most interesting development about the North American research market’s response to Mifid II? We have already started to see managers looking to make changes to their global processes as a result of what they’ve learned from their Mifid II implementation, including better valuation and voting, better data capture and the resulting improvement in the quality and value of management reporting, and their relationship with...
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Jun 19, 2019
Mifid II and the changing IR role
‘Mifid II seeks to improve transparency, reduce potential conflicts of interest and promote competition by unbundling brokers’ activities,’ said Andrew Bailey, CEO of the UK’s Financial Conduct Authority, in a speech delivered earlier this year. The European legislation has brought in ‘a number of fundamental changes,’ he added. Alexander Free, senior analyst at Nasdaq IR Intelligence, explains that these fundamental changes, since Mifid II went...
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Jun 05, 2019
Brexit could lead to Mifid III, say experts
European regulators have long held opposing views on unbundling, the process of separating the costs of research and trading. The UK’s Financial Conduct Authority (FCA) successfully pushed for strict unbundling rules to appear in Mifid II, against the wishes of French financial regulator the Autorité des marchés financiers (AMF). Now, with the UK set to leave the EU, could some of those rules be pared back? There’s ‘definitely talk about Mifid III’ and it ...
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May 31, 2019
Mifid II: Market liquidity becomes an issue
The latest trend emanating from the introduction of Mifid II is that sourcing liquidity in Europe’s equity markets is a harder job for the buy side, according to a new report from Connecticut-based consultancy Greenwich Associates. A review of the European equities market under the regulation introduced at the start of 2018 finds that 44 percent of buy-side traders believe equity liquidity has become harder to source since the implementation of Mifid II, while 16 ...
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