MiFID II’s winners and losers.

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As Europe prepares for the ultra-important European regulation known as MFID II (going into effect in January), more US fund managers are trying to wrap their brains around its implications for how managers pay for research. Simply put, US managers know that in a globalized asset management business, the issue won’t be contained by EU borders (See here). And as more asset managers adopt a single global standard, it means that data and compliance solutions that support such a standard and/or boost research efficiency could feel some very nice tailwinds. In the meantime, however, look for those winds to do a number on sell-side research budgets and trigger painful job cuts, says McKinsey.