Neil Robson, Financial Services partner, was quoted by Reuters on the fallout regarding research pricing as a result of the implementation of the Markets in Financial Instruments Directive (MiFID II). Smaller securities firms are feeling the squeeze of large banks and their ability to offer fund managers deeper discounts on research. Neil noted that research previously priced at hundreds of thousands of pounds is being sold at a fraction of that amount. "Managers who agreed fees last year will be smarting that they are paying too much. In most cases it will be renegotiated." ("Big Banks' Cut-Price Research Puts the Squeeze on Small Brokers," January 22, 2018)