Exane BNP Paribas publishes MiFID II Survey Report

We are delighted to share Exane BNP Paribas' latest MiFID II survey report published in partnership with the European IR Societies.

Mifid2 is transforming the European equities industry. While most commentary has understandably focused on the implications for the buy-side and the sell-side, the knock-on effects for corporates are less well understood. Thanks to the responses of over 300 European (IR) professionals, this survey of corporate attitudes attempts to paint a clearer picture of the landscape post-Mifid2. Key findings include: 

  1. A majority of respondents expect Mifid2 to increase the cost of carrying out their IR activities
  2. 90% of IR professionals expect the number of analysts covering their stock to decline
  3. However – in by far the biggest surprise to us – a majority expect the quality of coverage to rise
  4. Shrinking analyst numbers & reduced research visibility could make consensus less reliable, but IRs’ current collation processes probably won’t have to change
  5. As market influence consolidates among a smaller number of leading voices, most IRs expect to weight management time heavily towards the most influential analysts
  6. Respondents generally expect the number of people in their organisation accessing sellside content to decline
  7. Research quality and relationships are the most important factors for IRs when allocating corporate access to brokers
  8. IR departments look set to organise more of their own access events, but the sell-side remains the key external partner of choice
  9. IR professionals’ desire to provide stricter investor target lists for roadshows needs to be reconciled with brokers’ shifting client lists

Published 7 December, 2017

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