Evercore ISI has reportedly shut down its European trading operations in London just two weeks after MiFID II came into force across the region.
The US broker is to incorporate the London branch into its global research hub and will retain its global sales teams focusing on institutions in the UK and Europe.
Evercore ISI declined to comment on the matter.
Daryl Bowden, head of trading at Evercore ISI and industry veteran, also left the firm with immediate effect following the closure. He has extensive equities trading experience and has held senior positions at Bank of America Merrill Lynch, Macquarie and as CEO of equities at ICAP.
The decision to shut the European trading desk follows the implementation of MiFID II just two weeks ago.
Best execution and unbundling requirements under the new regulation are widely expected to impact smaller businesses that have struggled with the costs of overhauling systems and infrastructure to be compliant.
“MiFID II is already making an impact and we expect to see a number of other firms take similar decisions on their strategy, as well as potential mergers across the financial markets,” said Oliver Rolfe, founder and CEO of global equities recruitment firm Spartan International.
“Evercore ISI has an extremely strong global research presence and will look to continue to strengthen in specific sectors,” he added.