Get ahead with daily markets updates.Join the FT's WhatsApp channelDon’t bet on Mifid II’s quiet start lastingStudies this week from UK regulators suggest they are serious about enforcing the rulesWhat is Mifid II and how will it affect EU’s financial industry?Far-reaching rules will have a big impact on everything from banks to brokersInvestors eye trading gold in Mifid II overhaulAn expected cut in sellside analysts and new data offer potential opportunitiesDark pool share trading flourishes after Mifid II delayLittle evidence that banks and investors are pushing trades on to public exchangesGoldman leads fundraising for research platform after Mifid IIVisible Alpha aims to benefit from regulations facing investment researchNomura signals research shake-up as Europe’s Mifid reforms biteJapanese bank considers restructuring operations at home and in USMore from this SeriesLondon loses oil futures listings as Mifid II bitesICE shifts 245 North American contracts to US in response to customer demandTrading venues downplay rift over Mifid II share trading reformsRegulator says the delay reflected incomplete data supplied by the industryBlow to Mifid II as regulator halts European equity trading shake-upHundreds of blue-chip stocks were set to be temporarily barred from dark poolsInvestor relief at smooth launch of Mifid II reformsFears for new systems and trading levels prove mostly unfoundedMifid II risks drowning in its ambitionOnly 11 of the EU’s 28 member states have added flagship legislation into national lawsMifid II launch overshadowed by futures delayBond trading volumes drop as Europe’s market digests most ambitious change in a decadeETF providers hope Mifid II will spur European growthRegulatory shake-up to provide more transparency on trading of passive investment vehiclesEurope begins countdown to Mifid IISweeping changes to EU rules on financial instruments come into force on January 3EU regulators grant more last-minute relief on Mifid IIBanks and brokers will have six more months to comply with requirement to have a trading IDMifid II shake-up in finance triggers surge in ads for staffBanks, asset managers and law firms in hiring spree ahead of EU regulatory changesHow Mifid II can rehabilitate sellside researchEurope’s new investment market rules will focus on the economics of paid-for analysisAsset managers braced for hefty investment research billCFA report estimates median cost of equity research will be 10 basis points of AUMFCA warns research pay rules extend to sales and tradingWatchdog’s Mifid II ‘bombshell’ at industry conference alarms some in CityRegulators plan eleventh-hour change to Mifid share-trading rulesEsma fears some banks and traders will use ‘loopholes’ to move more business off-exchangeEuropean equity investors start adapting to Mifid II rulesFund managers wanting to buy and sell large blocks already using waiver ruleUS asset owners warn Mifid II creates uneven playing fieldNYC pension and Colorado state want EU research regulations rolled out across AmericaUS brokers secure SEC relief to comply with EU research rulesRegulator’s move allows American groups to adhere to European rules known as Mifid IIBofA breaks ranks to take investment adviser status ahead of MifidBank moves to provide research in Europe before market rules come into forceUS investment banks charge up to $15k for analyst callsNew report says analyst research from investment banks is priced unrealistically highFund houses and national regulators battle to be Mifid readyWidespread uncertainty over complex new regulations linger ahead of January 3 deadlineUS finance industry bemoans ‘massive headache’ of Mifid IIFinance trade bodies worry the SEC has been too slow in responding to new European rulesVoice brokers fighting to survive Europe’s big shake-upMifid II’s sweeping new rules may imperil traditional deal negotiated over the phoneMifid II’s impact on fixed-income transparency will be profoundNot everyone will like the new rules on price unbundling, writes Norma CohenCarmignac warns Mifid II will disadvantage European asset managersFrench group believes research quality will suffer if fund houses absorb costsBoutique research groups fear ‘predatory pricing’ from banksConcerns grow about the impact of new Mifid II rules on specialist providersMifid II is Europe’s chance to recoup ground lost to the USGlobal markets will need to adapt as new European rules have global ramificationsEU-US Mifid II accord will go down to the wire, official warnsEuropean authorities reveal they have hit a stumbling block due to rules’ reachFCA warns Mifid II will bring greater scrutinyCity watchdog will be able to pinpoint order flows by trader, and even by clientSchroders and Janus Henderson to pay for research after Mifid IIFund managers backtrack on charging clients after BlackRock says it will foot bill BlackRock to foot bill for external research under Mifid IIDecision by world’s largest fund house piles pressure on rivals to absorb costsTudor and Brevan Howard abandon MifidTwo large hedge fund companies have dropped their licences for the EU regulationFund managers face $1m price tags for researchBanks are locked in tense negotiations over how much to charge investors under Mifid IIVanguard breaks ranks to pay for analyst researchFund giant heaps pressure on rivals by covering research costs under Mifid II rulesMifid II drives US investment industry franticNew finance directive is not easily compatible with regulation beyond Europe’s bordersFund industry moves to paying for research itselfNorthern Trust is latest asset manager to say it will not charge clientsThe definitive list of asset managers that will pay for researchFidelity reacts to client complaints and will now absorb research costs under Mifid IIMifid II will deliver long-overdue value for moneyNew EU rules are great news for pension funds and retail investors, says Norma Cohen€2.5bn cost of Mifid II rattles asset managersComplying with the EU’s far-reaching financial reforms will not be cheap or easyAmundi rules out absorbing investment research costsClients of French fund house will keep paying for research from banks and brokeragesInvestment banks to clash over Mifid II rules on free researchEU legislation requires fund managers to pay directly for analyst research from 2018‘Overly zealous’ rules will drive away traders, CEOs warnHeads of Europe’s largest electronic debt trading venues make plea for Mifid changes
Don’t bet on Mifid II’s quiet start lastingStudies this week from UK regulators suggest they are serious about enforcing the rulesWhat is Mifid II and how will it affect EU’s financial industry?Far-reaching rules will have a big impact on everything from banks to brokersInvestors eye trading gold in Mifid II overhaulAn expected cut in sellside analysts and new data offer potential opportunitiesDark pool share trading flourishes after Mifid II delayLittle evidence that banks and investors are pushing trades on to public exchangesGoldman leads fundraising for research platform after Mifid IIVisible Alpha aims to benefit from regulations facing investment researchNomura signals research shake-up as Europe’s Mifid reforms biteJapanese bank considers restructuring operations at home and in USMore from this SeriesLondon loses oil futures listings as Mifid II bitesICE shifts 245 North American contracts to US in response to customer demandTrading venues downplay rift over Mifid II share trading reformsRegulator says the delay reflected incomplete data supplied by the industryBlow to Mifid II as regulator halts European equity trading shake-upHundreds of blue-chip stocks were set to be temporarily barred from dark poolsInvestor relief at smooth launch of Mifid II reformsFears for new systems and trading levels prove mostly unfoundedMifid II risks drowning in its ambitionOnly 11 of the EU’s 28 member states have added flagship legislation into national lawsMifid II launch overshadowed by futures delayBond trading volumes drop as Europe’s market digests most ambitious change in a decadeETF providers hope Mifid II will spur European growthRegulatory shake-up to provide more transparency on trading of passive investment vehiclesEurope begins countdown to Mifid IISweeping changes to EU rules on financial instruments come into force on January 3EU regulators grant more last-minute relief on Mifid IIBanks and brokers will have six more months to comply with requirement to have a trading IDMifid II shake-up in finance triggers surge in ads for staffBanks, asset managers and law firms in hiring spree ahead of EU regulatory changesHow Mifid II can rehabilitate sellside researchEurope’s new investment market rules will focus on the economics of paid-for analysisAsset managers braced for hefty investment research billCFA report estimates median cost of equity research will be 10 basis points of AUMFCA warns research pay rules extend to sales and tradingWatchdog’s Mifid II ‘bombshell’ at industry conference alarms some in CityRegulators plan eleventh-hour change to Mifid share-trading rulesEsma fears some banks and traders will use ‘loopholes’ to move more business off-exchangeEuropean equity investors start adapting to Mifid II rulesFund managers wanting to buy and sell large blocks already using waiver ruleUS asset owners warn Mifid II creates uneven playing fieldNYC pension and Colorado state want EU research regulations rolled out across AmericaUS brokers secure SEC relief to comply with EU research rulesRegulator’s move allows American groups to adhere to European rules known as Mifid IIBofA breaks ranks to take investment adviser status ahead of MifidBank moves to provide research in Europe before market rules come into forceUS investment banks charge up to $15k for analyst callsNew report says analyst research from investment banks is priced unrealistically highFund houses and national regulators battle to be Mifid readyWidespread uncertainty over complex new regulations linger ahead of January 3 deadlineUS finance industry bemoans ‘massive headache’ of Mifid IIFinance trade bodies worry the SEC has been too slow in responding to new European rulesVoice brokers fighting to survive Europe’s big shake-upMifid II’s sweeping new rules may imperil traditional deal negotiated over the phoneMifid II’s impact on fixed-income transparency will be profoundNot everyone will like the new rules on price unbundling, writes Norma CohenCarmignac warns Mifid II will disadvantage European asset managersFrench group believes research quality will suffer if fund houses absorb costsBoutique research groups fear ‘predatory pricing’ from banksConcerns grow about the impact of new Mifid II rules on specialist providersMifid II is Europe’s chance to recoup ground lost to the USGlobal markets will need to adapt as new European rules have global ramificationsEU-US Mifid II accord will go down to the wire, official warnsEuropean authorities reveal they have hit a stumbling block due to rules’ reachFCA warns Mifid II will bring greater scrutinyCity watchdog will be able to pinpoint order flows by trader, and even by clientSchroders and Janus Henderson to pay for research after Mifid IIFund managers backtrack on charging clients after BlackRock says it will foot bill BlackRock to foot bill for external research under Mifid IIDecision by world’s largest fund house piles pressure on rivals to absorb costsTudor and Brevan Howard abandon MifidTwo large hedge fund companies have dropped their licences for the EU regulationFund managers face $1m price tags for researchBanks are locked in tense negotiations over how much to charge investors under Mifid IIVanguard breaks ranks to pay for analyst researchFund giant heaps pressure on rivals by covering research costs under Mifid II rulesMifid II drives US investment industry franticNew finance directive is not easily compatible with regulation beyond Europe’s bordersFund industry moves to paying for research itselfNorthern Trust is latest asset manager to say it will not charge clientsThe definitive list of asset managers that will pay for researchFidelity reacts to client complaints and will now absorb research costs under Mifid IIMifid II will deliver long-overdue value for moneyNew EU rules are great news for pension funds and retail investors, says Norma Cohen€2.5bn cost of Mifid II rattles asset managersComplying with the EU’s far-reaching financial reforms will not be cheap or easyAmundi rules out absorbing investment research costsClients of French fund house will keep paying for research from banks and brokeragesInvestment banks to clash over Mifid II rules on free researchEU legislation requires fund managers to pay directly for analyst research from 2018‘Overly zealous’ rules will drive away traders, CEOs warnHeads of Europe’s largest electronic debt trading venues make plea for Mifid changes