The damage done to mid-cap equities coverage by unbundling research is ever harder to ignore. It will not be easy to lower this self-imposed barrier to improved capital-markets access for fast-growing businesses in Europe.

What will Brexit mean for the UK, and for the rest of the EU? Bankers, traders, corporates and economists prepare for the economic impact of Brexit.

Lay-offs part of 'disciplined' strategy targeting growth in UK and US.

Long years of losses and scandals, and now new regulation, spell a break-up with European banks’ bedrock of support in their retail investors, who have often been their own clients. Read on for a guide to Dominic O’Neill’s story on their split and the deep implications for Europe’s financial sector.

Scandals and losses are ending the co-dependency between European banks and retail shareholders, highlighting the conflict of interest in relying on depositors for capital – and showing up a barrier to Europe’s new bail-in framework. A less parochial, more austere but more accountable era is just beginning.

A combination of regulatory requirements and commercial imperatives are driving interest in quality execution analysis (QEA), a subset of transaction cost analysis (TCA) that is a vital component in measuring FX best execution.

More than six months after the updated directive was implemented, its effects on research provision are becoming clearer. The good news is that buy-side research budgets seem to have stabilized; the bad news is that if you aren’t big, you probably aren’t on the receiving end of them.

Asset management is one of the few opportunities European banks have for growth and good returns, but regulation is challenging the captive market and margins are falling. Can banks build their own versions of the low-cost US fund management firms – or are these few remaining crown jewels heading the same way as their investment banks?

Few firms have seen change quite like CLSA. It is now owned by Citic Securities and incorporates the Hong Kong (and international) arm of the mainland business. As such, it is Citic Securities’ international bridgehead to the world.

A disruptive new platform aims to slash the cost of capital raising, bringing together conventional institutions with $200 billion earmarked for growth and private companies seeking expansion funding.

A boutique broker renowned for the accuracy of its currency forecasts has warned that a no-deal Brexit could see the pound fall to parity with the euro by the middle of next year.

The UK's financial market regulator finds firms still struggling with suspicious transaction reports, but it could be bolder in its criticism.

As Mifid II beds down, its impact on the global fixed income research industry is already being felt. There are clear signs that investors are less reliant on research and are using fewer providers than before. As they start to cut costs to implement their own research budgets, providers must ensure that they are getting good value for money.

The market tremors from the FX-fixing scandal and subsequent probe – triggering a flurry of fines, litigation cases and prosecutions – is set to reverberate for years to come. Euromoney investigates the fallout for global banks and possible reforms.

Banks have found it hard to lend to Mexico’s large SME segment, but persistence is beginning to pay off for those with the requisite focus – and skills.

The regulation recently adopted by the European Securities and Markets Authority (Esma) around the provision of contracts for difference (CFDs) and binary options to retail investors has raised a furore among retail traders and brokers.

A fintech headed by veterans of algorithmic trading in equities aims to transform unregulated gold trading as a pure agency broker.

Can a failing frontier markets brokerage transform itself into a full-service investment bank? Duncan Wales, head of Exotix, believes it can be done through the creation of a global partnership network – and so does his backer, Icap founder Michael Spencer.

Stock coverage to double, says partner; hiring spree turns to the US.

Berenberg wants to transform itself from a German firm to a European one with a UK mindset, before eventually taking on Wall Street. Partners Hans-Walter Peters and Hendrik Riehmer are convinced the old merchant banking model can be modernized, but can they avoid the pitfalls of rapid expansion?

Deutsche Bank is showing it can cut leverage exposure in its corporate and investment bank without slashing revenues. It has a long way to go in its pursuit of acceptable returns, but the new management team is demonstrating an early determination to deliver.

Unbundling probe will confirm Mifid II distortions.

Euromoney’s round-up of the European Central Bank’s CSPP, including the eligibility criteria and process.

Less onerous regulatory requirements and the proximity to markets where retail FX is prohibited continue to encourage brokers to set up shop in the Middle East, despite ongoing state protection for the Saudi Arabian currency.

The US firm is now the top non-universal bank in global sales and trading – a remarkable turnaround in a business that was struggling just five years ago

The old charges against Citi’s wholesale banking division no longer apply. Its scale and breadth are a big positive that no other bank can match. Its diversity and balance are clear strengths that its competitors increasingly envy. As a firm, it’s more joined up than anyone thought possible. And its clients value what Citi can deliver more than ever before.

UK regulator to examine regulatory impact as current research pricing viewed as unsustainable by investors.

With less than 10 months to go until the UK formally leaves the European Union, most FX venues remain content to wait for the outcome of negotiations around key issues such as financial passporting before confirming their future strategy.

With a spike in volatility and the opportunity to consign conduct issues to the past, this might have been a turning point for global FX, but faced with a range of challenges, many market makers are retreating to core competencies.

Banks are having to pedal back on big ambitions and focus instead on core competencies, but that could be positive for all.