The buyside needs to cut fees in a low rate environment.

There is no evidence that dark trading at the 8% cap harms market quality.

Banks may need to find up to $50bn of extra capital for new European entities.

There are now 24 banks on the fixed Income network for real-time “axe” indications.

Participants need new data to navigate expected changes in market structure.

Under MiFID II the buy side needs to know which firms are systematic internalisers for individual securities.

MiFID II is spurring innovation.

Costs for trading French and German equities have fallen.

Fund managers eye new counterparties and peer-to-peer liquidity platforms.

MiFID II is expected to unleash innovation in research.