Mifid II Archive

Mar 11, 2019
Mifid II to become global standard via US push
The long-held belief that Mifid II will become a global standard seems to be taking shape, with asset managers including Invesco, Wellington Management, Dodge & Cox, T Rowe Price and MFS pushing the SEC to allow them to apply Mifid II cost transparency rules in the US. In October 2017 the SEC gave US banks and brokers a 30-month reprieve to abide by Mifid II, givin...
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Feb 27, 2019
Hardman & Co: UK small caps and Aim firms increase coverage post-Mifid
Analyst coverage of UK small caps and companies listed on London’s Alternative Investment Market (Aim) actually increased over the 12 months following the implementation of Mifid II, according to new research from Hardman & Co – a finding that goes against pre-Mifid predictions.  ‘Coverage of Main Market small caps and Aim companies across the market-cap spectrum in...
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Feb 21, 2019
European asset management research budgets fall one year on from Mifid II
Research budgets at European asset management firms have fallen since the introduction of Mifid II and independent research providers have not benefitted from the regulation, according to a report by CFA Institute, the global association of investment professionals.  In the year following the introduction of Mifid II, the scaling back of research budgets has seen the largest firms make the bi...
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Feb 14, 2019
Hundreds of stocks at risk from Brexit and Mifid II trading rule
Up to 230 stocks listed in the UK and EU are at risk from Brexit because of a Mifid II trading rule, according to a leading trading expert.  Christian Voigt, senior regulatory adviser at software trading company Fidessa and former vice president at Deutsche Börse, has published an analysis that finds 230 liquid stocks with a roughly 50/50 split of turnover across the UK and remaining EU memb...
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Feb 12, 2019
Mifid II puts pressure on IR teams
Mifid II has put the IR teams of UK companies under increasing pressure as demands from investors soar, according to research from London-based IR specialist firm Orient Capital. The implementation of Mifid II in January last year always had the potential to increase the range of responsibilities IR teams must take on as support from brokers reduced and investors engaged with issuers directly. This, states the research, is clearly placing IR teams under strain. ...
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Feb 08, 2019
Corporate access and Mifid II: One year on
As with research, Mifid II was predicted to have a profound impact on corporate access when it came into force at the start of 2018. As with research, however, the real impact a year on remains mixed – and more subdued than expected.  But that doesn’t mean things haven’t changed, with research by corporate access platform ingage showing how corporate att...
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Feb 08, 2019
The CII view of Mifid II
Council of Institutional Investors general counsel Jeff Mahoney talks to Andrew Holt about what the US group thinks of Mifid II and how it would like the SEC to address the European regulation in the US market   Could you explain the CII view of Mifid II? Mifid II requires the separation of the cost of trade execution from that of research. That requirement is consistent with long-standing CII membership-approved policies that supp...
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Feb 08, 2019
No reduction in small-cap coverage in first year of Mifid II
One of the many debated consequences of Mifid II was the anticipated reduction in small-cap coverage, but new research reveals this hasn’t been borne out in the first year of the European regulation. As part of the annual review into performance drivers of the Numis Small Companies Index (NSCI), the London Business School (LBS) finds that, while equity research has fallen by 8 percent since Mifid II came into force, so far there is no disproportionate reduction in...
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Feb 05, 2019
More UK small caps seeking IR support post-Mifid II, report reveals
More than half of small and mid-cap companies are working with investor relations advisers as the availability and quality of analyst research continues to decline, according to a new report. The report, commissioned by broker Peel Hunt and the Quoted Companies Alliance (QCA), conducted a survey of 102 UK-based fund managers and 105 small and mid-sized public companies to understand their views on the one-year-old regulation. More than half (52 percent) of th...
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