Macquarie Identifies The Winners And Losers Of MiFID II
![Macquarie Identifies The Winners And Losers Of MiFID II Macquarie Identifies The Winners And Losers Of MiFID II](https://5ux.com/sites/5ux.com/files/styles/medium_250/public/resize/remote/5f616269646a3c8fd9cd75b2e1ab6653-600x329.jpg?itok=cv0rsDNe)
Macquarie's equity research team has just offered up a valuable economics lesson which seems to perfectly, if inconveniently, explain why their business model is doomed by the upcoming implementation of MiFID II.
So what happens when you compete in a 'slightly' fragmented market (see below) to sell a highly commoditized product to a customer that places so little value on the product that it has historically only existed courtesy of subsidies from trading revenues...then a regulatory body suddenly comes along and says you have survive as an independent operation?