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And don't miss Lionel Laurent on the tricky fallout of MiFID 2: "That so many asset managers have decided simply to absorb research payments themselves, rather than go through new regulatory hoops to keep passing the cost to clients, threatens unintended effects. Belt-tightening asset managers will almost inevitably start shopping around more, creating a price war for research. It's hard to imagine that this won't ensnare U.S. banks, which want to keep the market share in areas like equities brokerage that they've snatched from European rivals."
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