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Junior analysts who followed MiFID 2 are out of favor at DNB

At the markets unit of Norway’s biggest bank, DNB ASA, management is determined not to leave equity research in the hands of junior analysts.

One of DNB's buildings | Photo: DNB/PR½

Alexander Opstad, who runs DNB Markets from Oslo, blames Europe’s revised rules for Markets in Financial Instruments (MiFID 2) for forcing many firms in his industry to cut back on the quality of research.

He also says clients have had enough of the new regime.

The “feedback from customers is unanimous,” Opstad said in an interview. “The quality of equity research has worsened since MiFID 2.” What’s more, “the breadth of research has shrunk,” he said.

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