As the dust settles from the implementation of second Market in Financial Instruments Directive at the beginning of this year, it is now becoming clear who the winners are likely to be: large global investment banks.
There has been a 19% year-on-year cut in research budgets among the largest European equity investors for 2018, to an average of over $8 million.
The equivalent figure of all institutions is 14%, leaving them an average external research and advisory budget of $3.8
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