Racing Against the Clock: How Buy-Side Firms Are Preparing for MiFID II

With fewer than 90 days until MiFID II takes effect on Jan. 3, 2018, there is still much work to be done and many issues in flux before buy- and sell-side firms can call themselves compliant. Despite the impending deadline, many firms are scrambling with the specifics of MIFID II requirements. TABB Group interviewed 34 of the most advanced European and US buy-side firms representing $25 trillion AuM, approximately one-third of assets managed globally, about their best ex, research unbundling, trade/transaction reporting and market structure preparations. Though they said they expect to be ready for the Jan. 3 implementation, even the most advanced firms identified a significant number of gaps in their MiFID II implementations. In fact, TABB Group believes the majority of firms will not be fully prepared for the deadline. MiFID II will unleash dramatic change not only across the European marketplace, but globally. The status quo is in question, and previous winners and losers are in transition, with significant market share and revenues up for grabs.