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Euromoney, January 2017

CLSA’s chief executive Jonathan Slone has attacked regulators for the damage they have caused to research-led brokerage models – most obviously CLSA.

In a long and wide-ranging interview that will appear in full in the February edition of Euromoney, Slone complained of new rules under the Markets in Financial Instruments Directive II that requires sell-side firms to unbundle fees for research provided to clients from dealing commissions.

He railed against “the unintended consequences of regulators who like nothing more than to delve into the private affairs of companies, and pootle about with their arrangements on how they pay for information, liquidity and knowledge”.

He adds: “They have not fully understood the consequences of what they’ve done, and they have not helped provide a rich marketplace for information.”

CLSA, probably more than any other major financial services institution in Hong Kong, is dominated by a cash equities business underpinned by high-quality and independent research. Even after its acquisition by Citic Securities, and the full merger with all of Citic Securities International’s overseas businesses, cash equities remains the largest part of the operation.

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Chris Wright
Chris Wright
Chris is a journalist specialising in business and financial journalism across Asia, Australia and the Middle East. He is Asia editor for Euromoney magazine and has written for publications including the Financial Times, Institutional Investor, Forbes, Asiamoney, the Australian Financial Review, Discovery Channel Magazine, Qantas: The Australian Way and BRW. He is the author of No More Worlds to Conquer, published by HarperCollins.

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