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Because of MiFID II – Orcel from the UBS sees stony 2018 News

Sunday, September 17th, 2017 | Economy

With this, a decades-old business model, which led to a races race, breaks out who offers the cheapest offer. "It will be difficult and it will be stony," said Andrea Orcel, UBS's investment bank chief in an interview with Bloomberg TV, referring to the implications of the MiFID II directive. "Everyone has run through scenarios, but I do not think anybody, neither an investment bank nor a customer, can tell you what they have found out."
The revised "Financial Instruments Markets" Directive is a source of excitement as banks and asset managers are finding it hard to call prices for analyzes that have previously been bundled with other services. The intention of the EU is to ensure that more investors act in the best interest of their customers and are not encouraged by free analyzes. While banks are trying to figure out what the market is capable of, asset managers – not paying them – are now weighing up what research they really need.
Orcel compared the bank's pricing model to a telephone company that earned the most money with more expensive data and other services that go beyond the basic fees charged to customers. In this way, he said, UBS plans to make its prices around a basic research package. This would probably cost "thousands or tens of thousands" of dollars, and would add costs for services with added value such as access to the analysts of the bank.
Increased profitability
MiFID is not the only major challenge on Orcel's horizon. The bank is also to consider where it will shift jobs on the European continent in the course of the Brexit. The talks include Frankfurt, Amsterdam and Madrid. Orcel reiterates that an important part of the Bank's decision-making is based on where people want to live.
"Depending on the location, many people may not want to move or go to another bank that chooses a better location, or leave the industry entirely." Each financial institution affected by this scenario is responsible for scenarios. "


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