Firms doubt benefits of EU Mifid best execution reform

Esma proposal retains unpopular aggregated reporting; bankers want more cost-benefit analysis

Esma headquarters, Paris
Esma: doubts remain over doubts its reports will provide investors with relevant information
Photo: Esma

Proposed reforms to European rules requiring investment firms to demonstrate to clients they are getting the best possible execution on trades may not be worth the effort, bankers warn.

“I’m not convinced you will ever be able to produce something that works for everybody,” said Rachel Cockshutt, head of regulatory change in Europe at the Royal Bank of Canada. “And ultimately, yes, there has been a cost burden to firms of producing these things to date, but there’s also a cost burden of

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