IMP's Jon Gold was quoted in a FundFire article about the impact of MiFID II on US asset managers. Read an excerpt from the article:
"I think the best way to characterize [U.S. managers’ response] has been denial, and for quite some time. Denial on two bases – firstly that this is European and will not affect us, and secondly that European regulators will keep kicking the can down the road," he says. The Jan. 3, 2018 implementation date was initially set for a year prior, but delayed due to a lack of preparation.
"Right now you don’t really know what component of your commissions are going to fund research. If you’re going to claim best execution, that component of your trading costs and execution costs will have to be exposed to sunlight," Gold says.