Executive Summary

After millions of hours and euros (and dollars) spent in preparation, the Markets in Financial Instruments Directive II (MiFID II) has finally taken effect. Greenwich Associates has tracked market participant sentiment and preparation for the last two years, watching the tide turn numerous times. While the rules have officially been in effect since January 3rd, it will likely be many months until the market coalesces around standards, best practices and operating models. At this point, though, we have a good grasp of how the buy side has set up to comply and thrive with the regulatory changes being foisted upon them.


In November 2017 Greenwich Associates conducted online interviews with 39 European and 21 U.S MiFID II-compliant institutions and 49 U.S. firms that will not/do not need to be compliant with MiFID II. We spoke with buy-side equity head traders, appropriate senior management and/or broker liaisons.