Ett år med MiFID II : Fondförvaltare och aktieanalytikers upplevelser av direktivets följder
Sammanfattning: Background: On January 3, 2018, the discussed MiFID II directive was implemented. The proponents argue that MiFID II increases transparency and benefits the end customers. The critics argue that smaller players are driven out from the market and that companies lose coverage. Although a year has passed, there are few studies on how financial players perceive the effects and how research, that in theory contributes to reduce information asymmetry on the financial market, is affected. Purpose: The purpose of this study is to increase the understanding of how the Buy and Sell side of equity analysis experience the aftermath of MiFID II one year after the implementation, and what continued impact the directive is expected to have in the long run. This study will more specifically study how equity research, operations, the market and its players got effected by MiFID II. Method: In order to answer the purpose of this study a qualitative method is being used. Moreover, the study has an abductive approach and a case study design in which eight semi-structured interviews were conducted in order to answer the research questions and capture the phenomenological perspective. Conclusion: The study shows that the biggest change that the Buy and Sell side observe MiFID II has had is the unbundling cost of research and execution. This change has led to a decrease in demand, a fall in prices and a decrease in the overall quality of analyzes. The Buy side has reduced the number of counterparties, while the Sell side experienced reduced revenues.
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