, Columnist
Bankers Are Learning to Love MiFID
It's all about greater barriers to competition.
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You don't have to understand regulations to think they're okay.
In an interview with Bloomberg Markets, UBS Group AG CEO Sergio Ermotti is asked whether MiFID II -- a new round of European Union rules for the financial industry -- will succeed. The regulations are already unnerving investors: implementing them is expected to cost $2.1 billion in 2017, and the subject is increasingly appearing in earnings calls and news reports.