MiFid

The FT on the "Big Bang" and (later) Mifid.

"Nevertheless, Mifid could also have profound effects on the business of banks. In his report, sponsored by LogicaCMG, the IT consultancy, Mr Bishop suggests that banks could steal a march on their competitors by, say, offering hedge funds a service whereby they can trade whole portfolios of stocks, even if those are listed on different exchanges. Large national banks could also match orders from their retail customers"

There may also be implications for the universal banks as it may no longer make sense to sell to retail investors if you have to prove that they have the best price.