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 con-
sultation on unbundling research
under MiFID II. The interpreta-
tion of the rules in the UK differed
strongly from the French authori-
ty’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,” Fer-
nandes 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
happening.”
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 big-
ger hurdle than others, but as Mark
Spanbroek, chairman of FIA EPTA,
told delegates: “We agree the dis-
ruptor is the regulator but let’s be
clear, that is a credit to them.”
We agree the
disruptor is the
regulator but let’s
be clear, that is a
credit to them.
MARK SPANBROEK,
FIA EPTA.
Upcoming MiFID II events for 2017
•
MiFID II Systematic Internalisers,
London - February
•
MiFID II Best Execution,
New York - March
•
MiFID II Fixed Income,
London, May
• M
iFID II Checklist,
London, Q3/Q4
•
MiFID II Derivatives TBC
For more information on attending or sponsorship
please contact: Marc.carolissen@strategic-i.com
T: +44 (0) 20 7397 3807.
THANKS TO OUR SPONSORS:
Winter 2016
TheTrade
71