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P&L Report Card: The next 18 months are going to be interesting for the banks’ research teams, not only do they have a rather erratic geopolitical situation to deal with, but they are also firmly in the firing line over MiFID II. Post-January 1, 2018 will be the time when we learn a lot more about how important clients actually think research is, and while paying for research is only a small part of the regulation, it will have a large impact on this segment of the FX business. We have noted previously that the more in-depth reports are lightly read – partly this is a question of time, and partly it is a question of the value of such reports.

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