By squeezing research budgets and brokers’ revenues, it has hastened market concentration
Tag: unbundling
The EU’s unbundling directive is reinforcing the power of scale
ANEW YEAR often begins with a headache. For asset managers and brokers, last year’s pain was intensified by the European Union’s revised Markets in Financial Instruments Directive (MiFID 2), which came into force on January 3rd 2018. Among other things MiFID 2 obliged fund managers (the “buy side”, in industry argot) to pay brokers (the […]
