John Cant
Accolade: Blog group founder

John Cant

Managing Director at MPI Europe Ltd
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Bio I lead MPI Europe a niche financial sector consulting firm focussing on regulatory driven, risk, technology and operational change Career History A long term financial sector inmate, I have had a varied career ranging from building equity technology solutions for JP Morgan, to developing derivative and risk management software products, before then embarking on my main consulting career as a KPMG partner and then forming my own consultancy


Data Management and Governance

You've been quiet - are you Dormant, Deceased or just Gone Away?

08 Dec 2020

When a financial sector customer becomes less active it is often an important signal that they have reached a new stage in their lifecycle, and critically need specific handling. We will look at some possible customer states that all share this common symptom but require quite different handling and priority from different business functions. The


Will MiFID research arrangements change again?

01 Sep 2020

I have been doing some informal polling on impact of the EU's latest proposed changes to the existing MiFID II Research regime across various forums in the last few days. As you probably know, these changes would create a narrowly defined exception authorising the joint payment for execution services and research on small-cap (defined as up to a m...

Data Management and Governance

But it worked in Harrogate!

24 Jul 2020

I have nothing against Harrogate, well not consciously at least. However, over recent months there has been much discussion about unconscious bias in many walks of life - including mention in this article about data used for algorithms. So let's consider the role that preparation of data for regulatory uses might have, and where issues exist, what...


Easy to say, but hard to deliver

13 Nov 2019

I attended the Substantive Research Unbundling Uncovered MiFID research conference this week. The panels at this event were made up of a mix of market participants and vendors. The mix made for some entertaining exchanges between brokers and investment managers on the true value of research. One broker opined that some asset managers may feel that...

John is Commenting on

Will MiFID II bring Evolution or Revolution to investment research?

  Helpfully the FCA’s recent announcement on MiFID II ( ), reconfirms the analysis above. It clearly agrees that even the Evolution option will require process and system changes as stated above. In their latest paper they point out “Operationally, this will require changes to current Commission Sharing Agreement (CSA) accounts” and then indicate a number of conditions that need to be satisfied. They also confirm that the “hard dollar” Revolution option is consistent with MiFID II e.g. “direct payments by the investment firm out of its own resources”. However, it still leaves the choice of where on the spectrum a firm wants to settle and how exactly it wants to satisfy the rules as being a choice for the firm. It also seems to be taking a different view from the AMF, the French regulator, which will further complicate decision making. We are seeing firms starting to be attracted to options which look at budgeting at a strategy rather than client/fund level. As the FCA notes this “may allow firms to set a budget at a desk-level or strategy level” but only if “the individual and collective portfolios subject to the budget share sufficiently similar research needs.” This may make budgeting easier but will still require a far more robust evaluation of research needs and how they are satisfied than exists in a good number of firms. Whatever the potential approach, it is time to start implementation.