It is the morning of January 3, 2018. Traders file towards their desks, if they haven’t been there all night preparing, the trading screens flash into life – what happens next? Quite simply, the biggest regulatory change ever seen in European financial markets.
“I would expect more of a buy-and-hold and wait-and-see attitude amongst clients, because we don’t really know where all of this is going to end up on day one,” says a Stockholm-based investment bank fixed-income strategist.
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