Some consequences of MiFID II and other regulatory activity, such as Brexit is beginning to be felt in several quarters: This article on the Reuters web site reports that the CEO of TP ICAP has left due to a profit warning. Much of the reduction is blamed on costs due to MiFID II, Brexit and other regulations. The company statement can be found here. Brokers are being impacted in other ways, especially with respect to the “research unbundling” rules. This article on the Market Mogul looks at the issue further.
In the meantime, this article on Practice Insight reports on non EU parties trying to circumvent the need to report transactions under RTS 22, which requires personal data to be reported. The article looks at different methods, some of which are subjective, which may remove the need for such reporting. The article also looks at possible contradictions between MiFID II, GDPR and MAR.
This article on the Trade News looks at the issue of companies not complying with the record keeping rules. Those covered to it are subject to large fines for non compliance.
As time goes on, we can expect to see more of these consequences as the rules bed down.