We agree the
disruptor is the
regulator but let’s
be clear, that is a
credit to them.
Pedro Fernandes, CEO of
independent research provider
ResearchPool, joined The TRADE’s
online editor, John Bakie, for the
final discussion of the afternoon.
Recently, the Financial Conduct
Authority (FCA) published its consultation on unbundling research
under MiFID II. The interpretation of the rules in the UK differed
strongly from the French authority’s interpretation.
“The FCA took a more business
orientated approach and it has
come from a practical point of
view. Unbundling is to be applied
to all asset classes because it
creates a conflict of interest,” Fernandes explained to delegates.
The panel agreed there is a vast
amount of inconsistency between
regulators in Europe.
Fernandes explained: “There is
certainly a lot of battling between
continental regulators and UK reg-
ulators. The European Securities
and Markets Authority do not want
to step in yet, they would rather
take a step back and see what is
Whether it is best execution,
unbundling or reporting require-
ments, market participants and
panellists at The TRADE’s MiFID
II: Best Execution event agree the
rules under MiFID II are inconsis-
tent and unclear.
The buy-side appear to face a bigger hurdle than others, but as Mark
Spanbroek, chairman of FIA EPTA,
told delegates: “We agree the disruptor is the regulator but let’s be
clear, that is a credit to them.”
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