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Rhodri Preece

  • MIFID II: Assessing the Market for Investment Research One Year On

    Tuesday 26/3/2019
    Rhodri Preece / Josina Kamerling
    Preece & Kamerling

    Since the introduction of MiFID II in January 2018, asset managers and investment banks have weathered a shakeout in the investment industry as investment firms seek to recalibrate their research needs under the new regime. Although MiFID II has brought transparency and competition to the investment research business, a Europe-wide survey by CFA Institute on the outcomes of MiFID II one year on paints a picture of reduced research budgets and rising concerns over a perceived reduction in research quality and coverage. With indications that buy-side firms are in-sourcing research, pressure is mounting on independent and sell-side research providers. The investment professionals surveyed cite decreases in the number of analyst jobs and a scaling back of research coverage, with the small- and mid-cap equity sectors affected mostSince the introduction of MiFID II in January 2018, asset managers and investment banks have weathered a shakeout in the investment industry as investment firms seek to recalibrate their research needs under the new regime. Although MiFID II has brought transparency and competition to the investment research business, a Europe-wide survey by CFA Institute on the outcomes of MiFID II one year on paints a picture of reduced research budgets and rising concerns over a perceived reduction in research quality and coverage. With indications that buy-side firms are in-sourcing research, pressure is mounting on independent and sell-side research providers. The investment professionals surveyed cite decreases in the number of analyst jobs and a scaling back of research coverage, with the small- and mid-cap equity sectors affected most.

  • Systemic Risk Protection: Is the Picture Complete? Did We Over or Under Regulate?

    Tuesday 11/9/2018
    Rhodri Preece
    Rhodri Preece

    On 12th April 2018, CFA Institute and CFA Society Belgium hosted an evening discussion at the National Bank of Belgium with Vítor Constâncio, former Vice President of the European Central Bank, and Sir Paul Tucker, Chair of the Systemic Risk Council and former Deputy Governor of the Bank of England. The theme for the evening was the evolving state of systemic risk regulation ten years after the global financial crisis. This article reviews the discussion and evaluates the balance of regulation with regard to its ability to mitigate future shocks to the financial system. 

  • Examining the State of Systemic Risk Reforms – Where Next for Macroprudential Policy?

    Friday 30/6/2017
    Rhodri Preece

    On 9th February 2017, CFA Institute and CFA Society Belgium hosted an evening discussion at the National Bank of Belgium with Jean-Claude Trichet, former President of the European Central Bank, and Sir Paul Tucker, Chair of the Systemic Risk Council and former Deputy Governor of the Bank of England, on the state of systemic risk reforms.

    This article reviews the themes of the discussion and outlines the key regulatory measures needed to maintain a strong and resilient financial system against the backdrop of geopolitical change.