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Our latest report on the low-cost fund investments assesses the suitability of new US products holding bitcoin directly; ways to gain crypto exposure from Europe; the backlash against sustainability themes; and the rise of women in the industry
...Mifid 2 already It is starting to feel like at least parts of Mifid II were a really weird dream....
...Before Brexit, the UK had pushed for the Mifid II regulations, and is now seeking to reverse some parts of the rules....
...Its proposal would row back on an important plank of Mifid II, the EU’s post-2008 financial reforms package, and spearheaded by London’s politicians and regulators....
...Before Mifid II, brokers bundled research with trading fees, like McDonald’s throwing in a free toy with a Happy Meal....
...Given that the US ETF market is the deepest, most liquid and most highly regulated market in the world, what exactly is Mifid ll protecting us from?...
...In Europe, things will not return to pre-Mifid II days....
...Mention Solvency II or Mifid II and their deleterious effect on investment in British business and they will look blank....
...The junior market did not suffer the same squeeze on trading, as City research budgets were cut following the Mifid II reforms....
...The challenge now is that shifting investor behaviour shaped by Mifid II may prove tricky....
...Others, having adjusted in 2018 for Mifid, simply want to know where to send their cheques after July 3....
...EU regulations known as Mifid II, which force brokers to charge clients separately for investment research and trading, have also squeezed smaller brokerages....
...Research from the University of Bath suggests changes from the EU Mifid II research unbundling have contributed to the UK’s liquidity crunch....
...US banks have been accepting payments from Mifid-compliant clients, but have been protected by the SEC’s letter from registering as investment advisers....
...The junior market did not suffer the same squeeze on trading as when City research budgets were cut following the Mifid II reforms....
...The EU already plans to unwind Mifid II unbundling rules for companies with revenues under €10bn....
...Under Mifid II investor sustainability preference rules, funds are separated by distributors based on criteria including proportion of sustainable investments....
...The groups being targeted by the FCA mainly provide advice and arrange deals in retail investment products and are exempt from Mifid regulation, which dictates a minimum capital requirement of £750,000....
...Unbundling research, as required by Europe’s Mifid II regulations, delinked research from trading costs in another bid to erase conflicts of interest....
...The research review recommends dismantling some of the MIFID II rules, to enable the “re-bundling” of research costs with trading and other commissions....
...“A UK retail investor can’t invest in a product like ours, a Mifid II [EU regulated] instrument, listed on a regulated exchange and sold through a regulated broker, who would screen you for applicability...
...They later became subject to Europe’s Mifid II rules, which required wealth and fund managers to aggregate fund costs and present them as one number to their client, as a percentage of NAV....
...But then a new EU Directive, Mifid II, intended to inject transparency into the market, was unleashed on the UK....
...While transaction data is made public under Mifid II law, there’s no single post-trade repository and no standardised reporting format across Europe’s myriad corporate bond trading venues and platforms....
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