(Bloomberg) -- The impact of new market rules sweeping across Europe has been likened to motorists suddenly being told they must drive on the other side of the road. While the aim is to force unprecedented transparency and curb conflicts of interest, the regulation is upending security markets. From cuts to research and commissions to new reporting requirements and limits on so-called dark trading, the effects of MiFID II reach deep into an industry scrambling to comply by Jan. 3. While the shakeout could take years, here are some early guesses on who may benefit from the overhaul and who may not.
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