Mifid II Archive

Brexit could lead to Mifid III, say experts

Jun 05, 2019

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 ...

Corporate access, Mifid II

Mifid II: Market liquidity becomes an issue

May 31, 2019

Andrew Holt

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 ...

Small cap, Mifid II

Differing perspectives on what Mifid II means for small caps

May 22, 2019

Andrew Holt

Differing perspectives on what Mifid II means for small caps

It is still open to debate what the impact of Mifid II will be on small caps, and recent contributions from two market players offer different perspectives. Trevor Gurwich, who manages small-cap assets at Kansas City-based American Century Investments, recently spoke at the presentation launch of his company’s small-cap fund to European investors, pointing out that small caps can benefit from opportunities created by Mifid II. He noted that 13 percent of th...

Sell side, Mifid II

Advisory intelligence: A look at Canadian macro issues as Mifid II makes its presence known

May 16, 2019

Staff Writers

Advisory intelligence: A look at Canadian macro issues as Mifid II makes its presence known

Sponsored content Recent years have seen Canadian companies facing a number of macro issues – from the ongoing back and forth on the U.S.-China trade deal, to the discussions around Nafta and how those are impacted by tariff talks – and these have resulted in a 'valuation discount' versus peers in the U.S., explains Prab Sagoo, a Montreal-based associate director at Nasdaq IR Intelligence. 'Over the last few years there has been a subtle shift o...

Small cap, Mifid II

Aim analyst coverage numbers near FTSE 250 levels

May 14, 2019

Garnet Roach

Aim analyst coverage numbers near FTSE 250 levels

Larger Aim stocks – those with a market cap above £600 mn ($775 mn) – have reached near parity with their FTSE 250 peers when it comes to analyst numbers following a post-Mifid II boost. These larger Aim-listed companies have seen a 20 percent increase in analyst numbers, to an average of 6.1, since Mifid II came into force in January 2018, according to new res...

Shareholder targeting & ID, Mifid II

Mifid II begins to bite in Canada

May 07, 2019

Ben Ashwell

Canadian issuers are beginning to notice the impact of Mifid II on their marketing calendars, sell-side coverage and quality of conferences, according to the panelists at last month’s IR Magazine Forum in Toronto. While Mifid II has long been a talking point at IR Magazine events, the Canadian community has been less spooked than its counterparts in the US and Europe until now, due to a range of factors including the tight-knit nature of the Canadian inve...

Corporate access, Mifid II

How Agnico Eagle Mines feels the Mifid II effect

May 07, 2019

Ben Ashwell

How Agnico Eagle Mines feels the Mifid II effect

Agnico Eagle Mines typically travels to Europe four times per year and, in recent visits, Brian Christie, the company’s vice president of investor relations, says investors have been encouraging more direct engagement. Speaking to IR Magazine on the red carpet at the Canada Awards last month, Christie said: ‘A lot more European investors are reaching out to us directly and saying, Don’t bring a broker. Just give us a call and set up a meeting...

Sell side, Mifid II

How two decades of technology reshaped and liberated equity research

May 03, 2019

Patricia Horotan

How two decades of technology reshaped and liberated equity research

Technology’s transformative and disruptive winds have swept across most corners of the financial markets. While these forces have altered the landscape for traders and investors, they’ve had a liberating effect on equity analysts. This rings particularly true over the past 20 years, during which time technology has prompted an unforeseen improvement in productivity and capability that restructured the relationship between investment bank and boutique research ...

Regulation, Mifid II

Mifid II: UK brokers come under fire and SEC suggests market-approach idea

Apr 29, 2019

Andrew Holt

Mifid II: UK brokers come under fire and SEC suggests market-approach idea

Interesting developments have recently emerged in the UK and the US regarding ongoing approaches to Mifid II. In the UK, regulator the Financial Conduct Authority (FCA) has criticized the inaction of brokers toward the regulation in its latest CEO letter to all regulated financial firms, a copy of which has been obtained by IR Magazine. The FCA states in the letter: ‘We find that, unlike other types of firms in these markets, brokers have not kept ...

Corporate access, Mifid II

Largest company conference attendance falling, Nasdaq says

Apr 22, 2019

Ben Ashwell

Largest company conference attendance falling, Nasdaq says

When Mifid II came into effect last January it caused a significant disruption of the investor marketing landscape, with the largest public companies in the world participating in two or three fewer conferences in 2018 than in the previous year, according to data from Nasdaq IR Insight. On average, mega-cap companies participated in 12 conferences in 2018, large caps participated in nine, mid-caps participated in seven and small caps participated in five, the resear...

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