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Why Wall Street is against an EU rule to protect investors

Known as MiFID for short, it is intended to clean up the existing, and flawed, research-for-commissions arrangement.

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Wall Street's arguments against the unbundling of research and trading costs seem to be gaining traction at the SEC. And some investors are worried that they are being made privately at the agency, not as part of a public comment process.

A CORROSIVE custom forced on investors is finally getting the axe under new regulations in Europe. Too bad some on Wall Street are working overtime to ensure that United States investors don't get the same deal.

The rule change governs how investors pay for brokerage-firm research. This...

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