Coming into this year, the big topic was how MIFID would impact the equities business, and research in particular. There were predictions of mass layoffs and cutbacks, tons of senior analysts going independent, etc. One year in, has the impact been as great as expected? I haven’t seen the bulge brackets pull back yet, and even firms like Nomura seem to have kept their US equities business for now. Or is it too early to tell...
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