Ethical Investing  

Lack of definition causing problems for ethical investors

The CFA Institute warned in February the rules have caused a "shakeout" of small and independent research providers in the investment industry.

It also stated research budgets had been scaled back in the last year, with the largest firms making the biggest reductions.

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In January traders warned the impact of Mifid II may have already done permanent harm to the markets, with claims the unbundling research costs have "significantly damaged" the quality of research and market competition.