, Columnist
New York Awaits as Bankers Go Through the Looking Glass
It's hard to escape feeling that Wall Street will win out from MIFID II rule divergence.
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Crossing the Atlantic is like going through the looking glass for bankers.
New European rules aimed at cutting the ties between investment research and trading will force fund managers to pay separately for stock tips rather than allowing an all-in price. The U.S. holds the opposite view and actually prohibits broker-dealers from selling standalone analysis.