Doomsayers who predicted the dire influence MiFID II would have on the enterprise of fairness analysis turned out to be spot-on. As regulators lastly attain the identical conclusion and put together to reverse the principles, the market Cassandras have an equally gloomy message: The harm can be exhausting to undo.
5 years after the laws compelled asset managers within the UK and European Union to pay for analysis individually from buying and selling, sell-side evaluation throughout the area is in a sorry state.
Analysis spending throughout Europe has dropped by nearly a 3rd since a 2015 peak, whereas a flock of high analysts …