Dealers are seeking to create a firewall around the content produced within their sales and trading businesses, to protect it from incoming European rules that require research to be paid for separately. The argument is that this material – such as commentary on market flows, proprietary data, or trade ideas – is distinct from research in a variety of ways.
Some lawyers are not convinced this stance complies with the second Markets in Financial Instruments Directive (Mifid II).
“That sounds li
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