Utermann Says Most Market Participants Ready for MiFID II

The transcript discusses the regulatory expectations for the financial sector in the US and EU, highlighting that the US may see stable or relaxed regulations, while the EU is expected to maintain or tighten its regulatory framework. The conversation shifts to MiFID and the slow release of guidance by European regulators, noting that the market is mostly ready for changes. However, non-European regulators, including the SEC, need to provide guidance for global trading. The discussion concludes with the potential impact on the industry if the SEC does not align with MiFID, though a no-action letter is anticipated to facilitate global implementation.

What is the expected trend for financial regulation in the US according to the discussion?

• Regulations will become stricter.

• Regulations will remain the same or become easier.

• Regulations will be abolished.

• Regulations will be influenced by Asian markets.

What is the main goal of the MiFID regulations as discussed?

• To increase client charges.

• To eliminate client charges.

• To enhance trading speed.

• To reduce market competition.

Why is there a need for guidance from non-European regulators regarding MiFID?

• To enhance technological advancements.

• To reduce trading costs.

• To increase European market dominance.

• To ensure global trading consistency.

What is the potential risk if the SEC does not align with MiFID?

• The US market will collapse.

• The sell side might migrate to New York.

• Asian markets will dominate globally.

• European markets will become isolated.

What is expected from the SEC to facilitate MiFID implementation globally?

• A complete overhaul of US regulations.

• A no action letter to allow smooth implementation.

• Increased penalties for non-compliance.

• A merger with European regulators.