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Executives Warn MiFID Has Firms Caught Like ‘Deer in Headlights’

  • Upcoming rules increasingly being discussed on earnings calls
  • Transcripts show various levels of MiFID II preparedness
Bloomberg business news

SEC Working on Cure for Wall St.'s MiFID Migraine

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German brokerage executive Reinhard Loose said the firm’s been “struggling.” Jeffrey Solomon of boutique investment house Cowen Inc. likened his clients to “deer in the headlights.” And Hargreaves Lansdown chief Chris Hill spoke of a “huge amount of change” to the way he does business.

They were all talking about MiFID II, the overhaul of financial-services regulation that’s cropping up in more and more company earnings calls as the Jan. 3 start date approaches. The new European Union rules were discussed on 50 calls since BlackRock Inc. reported results on July 17, up from 17 mentions in May and June and just 10 in the final five months of last year.