Despite the recent wild gyrations in global stock markets, 2015 could represent the calm before the storm for European equity brokers, which are awaiting word from regulators on new “unbundling” rules that could upend the economics of their business...

A move by the European regulators to “unbundle” payments for research from commissions paid on equity trades will have potentially significant and negative consequences for both the buy side and sell side.  The European Commission is preparing...