MiFID II: The Impact So Far

Both ESMA and the European Commission have been courting industry feedback on various aspects of MiFID II.

London, 30 July 2020 – It has been over 30 months since the European Union’s Markets in Financial Instruments Directive came into force in January 2018. The vast scope and ambition of MiFID II mean that problems in the implementation were always expected, especially in the complex and diverse landscape of European capital markets. Nevertheless, many capital markets firms are concerned at the amount of red tape that MiFID II has introduced, especially when the benefits are not always so obvious.

This Impact Report reviews the objectives of MiFID II in light of the implementation so far. Based on Aite Group analysis of regulators’ and market participants’ public responses to the implementation of MiFID II, this report focuses on several specific areas: changes to market structures, the consequences of the research unbundling rules, the transparency regime, and the potential for divergence in light of the U.K.’s exit from the EU.

This 54-page Impact Report contains 15 figures and five tables. Clients of Aite Group’s Institutional Securities & Investments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Baillie Gifford, BlackRock, Bloomberg, Deutsche Boerse Group, Evercore ISI, Goldman Sachs, Intercontinental Exchange, Janus Henderson, LSEG, Nasdaq, SIX Swiss Exchange, and UBS.

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