EQUITIES
 

Nordics:

the major difference between the Nordic buy-side community vs. the rest are that they generally feel the most positive that exchange driven block services will gain traction. A large share of the Nordic buy side expects the brokers under the Systematic Internaliser (“SI”) regime to receive the same amount of block under MiFID II. Only a few Nordic buy-side have or will shift their block trades from brokers to alternative venues such as a Multilateral Trading Facility (“MTF”).  The clear majority of the Nordic buy side do not perceive algorithms to be an alternative means to get the block trade done under MiFID II.

France:

likely to be the most broker friendly region where the majority of the French buy side expect that brokers will either receive the same or even more block orders under the MiFID II SI regime. Less than a third of the buy side will or have transitioned their block business to other types of block services such as MTFs.

DACH:

almost half of the DACH buy side are less optimistic and believe that MiFID II SI regime will have a detrimental impact on the amount of block orders that will be passed to brokers. Out of these, 38% will or have already transitioned block orders to alternative venues such as MTFs. Another 40% believe the amount of block orders the SIs receive will remain the same. 

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FIXED INCOME
 

Comparing the comments about how leading buy side are already transacting larger bond orders electronically, using alternative protocols other than Request for Quotes ("RFQ") on independent platforms. K&KGC have so far only seen evidence that London based buy side are already doing this. There is a unique feeling within the London buy-side community to take social responsibility and take charge of their destiny pushing evolution forward, for the better of the industry, to counter the fear of remaining too dependent on brokers with diminishing capital.