Presentation by Michael Diegelmann, CEO of cometis AG, at the IR Conference 2018, 30 January. Key takeaways:

• The most comprehensive change in EU financial market regulation of the
  past decade, MiFID II, has been in force since the beginning of 2018.
• This will lead to massive shifts in the equity research business.
• For a long time, analyst research was part of the package for which
  investors paid with the fees they transferred to banks and brokers for
  securities trading transactions.
• Now analyst research must be paid separately.
• This leads to new rules and structures in the market.
• The overview on the following page is based on the presentation by
  Michael Diegelmann and highlights the changes in the industry.

Broker Models according to MiFID II