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Alternative Market Briefing

Is MiFID II creating competitive disadvantages for European asset managers?

Tuesday, September 05, 2017

Komfie Manalo, Opalesque Asia:

The regulatory framework MiFID II which is kicking in by January 2018 offers a number of pain points which the industry can't get away with, said Markus-Alexander Flesch, head of Global Sales Equity and Index Derivatives at Eurex. He added that MiFID II is now also forcing buy-side players into what used to be sell-side regulations.

Flesch said at the latest Opalesque 2017 Nordic Roundtable that MiFID II regulations will go even beyond capital constraints imposed by Basle III or CRD IV. He added, "In order to offer balance sheet relief, Eurex launched in December 2016 jointly with our partner BNP a new product to bring innovation and alternatives to the industry: an exchange traded version of OTC Total Return Index Swap on the EURO STOXX 50. This future helps facilitating the balance sheet/collateral management and reduces the capital constraints being affiliated with long dated capital heavy OTC TRS index swaps."

MiFID II might create competitive disadvantages for European asset managers

Under MiFID II, research in Europe has to be paid for separately while in the US asset managers will continue to receive research for free, and this might create competitive disadvantages for European asset managers, according to Laura Wickström, CEO of Helsinki-based asset manager ......................

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