Local institutional brokers continue to hold their own against the heavyweight international players in the Financial Mail’s Ranking the Analysts survey. A clear feature of this year’s results is the consistency of firms and analysts at the top of the many ranking categories compared to last year. The survey findings come at a time when the equity market is upbeat because the country’s new political leadership has ignited renewed international interest in SA as an investment destination. However, the local market is also grappling with new regulatory requirements in Europe, the second Markets in Financial Instruments Directive (MiFID ll), that have forced many local players to change their business models. There is also a real fear that MiFID, which became effective in Europe and the UK on January 1, might result in further barriers to transformation within SA’s investment research sector — which remains predominantly white and male after nearly 25 years of democracy. Standard Bank/...

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