Asset management markets have faced considerable change from European regulation over recent years and the more recent challenge of the FCA’s market study into the sector. Securities markets commonly include vertical relationships, where firms are involved at different stages of the value chain, raising additional complexities in analysis of how firms compete, the incentives that they face and whether some firms are able to use structural arrangements to their own advantage. Ownership arrangements between exchanges and clearing, along with changing regulation requiring more financial instruments to be cleared, alter the dynamics of competition as well as the risk profile of the underlying investments. When considering retail clients, the information provided to them may be intended to help consumers to understand their decisions but analysis using behavioural economics considers what clients really do rather than how policy makers may hope they behave.
- Advice on asset management market study
Advice for the Investment Association on the FCA’s market study into asset management
- Advice on financial advice and distribution
Advice on various reviews including the Financial Advice Market Review and the Retail Distribution Review and follow on reports
- Advice on consumer investments market
Advice regarding regulatory issues within consumer investments
- Competition advice on the investment platform market study
Advice on the FCA’s market study into investment platforms
- Competition advice on clearing
Advice to a major exchange facing a competition investigation on issues surrounding clearing and central counterparty services.
- Advice on market cleanliness
Advice on measures of market cleanliness and international comparisons of major trading markets.
- Evaluation of the economic impacts of the Financial Services Action Plan
A report for the European Commission (EC) examining the impact of all of the major EC Directives in the asset management and securities sector including MiFID, UCITS, Market Abuse, Transparency, Prospectus, Clearing and Settlement. The report is available from the EC’s website.
- Report on FSAP
A report for the European Commission (EC) examining the impact of all of the major EC Directives in the asset management and securities sector including MiFID, UCITS, Market Abuse, Transparency, Prospectus, Clearing and Settlement.
- Report on information disclosure
Reports for the Financial Services Authority on the benefits of information disclosure available here, the impact of commission disclosure for commercial insurance available here, the impacts of the menu for disclosing the cost of advice available here, and the impact of depolarisation available here.
- Potential cost savings in a fully integrated European investment fund market
A report for the EC on the potential cost savings from a more integrated European investment fund market