The estimated ARC Index results for November are now available.

The MIFID II 10% Rule - Tilting at Windmills


In Don Quixote by Spanish author Miguel de Cervantes, the eponymous hero sees a series of windmills on the plain and imagines that they are “hulking giants” that need to be slain. He believes that his mission “is a righteous war and the removal of so foul a brood from off the face of the earth is a service God will bless”. One wonders whether the bureaucrats in Brussels went through a similar thought process when designing a client reporting rule where discretionary fund managers are required to inform clients on the same day should their portfolios suffer a 10% decline depreciation in value intra-calendar quarter.

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