A European transaction-cost-analysis survey conducted by business school Edhec and commissioned by HSBC came up with figures in January that show just how unprepared many fund managers are to meet the requirements of the EU’s Markets in Financial Instruments Directive (Mifid) and the best execution requirements of their clients.
Among the more worrying results was the finding that only 50% of respondents bother with pre-trade analytics and only 40% take into account actual costs – that is, ex-post transaction costs – when reviewing broker performance.
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