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Beat or miss? MiFID will make it harder to tell on earnings day

Overhaul of financial-services rules will lead to reduced coverage of some firms by banks, hundreds of analyst job losses

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"It will become trickier for companies to point to a consensus number and say that it is actually a true consensus number rather than an arithmetic mean if there are significantly fewer analysts that make it up." Mal Patel, director of investor relations and corporate development at TalkTalk Telecom Group plc

JUST how good or bad were those earnings? That's going to get tougher to answer next year as Europe redraws the way investors pay for analyst research.

The overhaul of financial-services rules known as MiFID II (Markets in Financial Instruments Directive II) will lead banks to reduce...

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