Waterloo might be a bit strong!! Corporate access won’t change overnight. But it is more like the Great Retreat of 1812… Historical players will suffer from the new entrant’s competition and a rapid market change after years of uncontested market dominance. Everyone could agree that whatever the final position of the ESMA is, Corporate Access will change dramatically. Increased transparency will be the rule and this implies a detailed view and audit trail for PM to be able to justify their consumption of the service and for Corporates additional costs. It might be a pain on the neck at the beginning but as this article states it well, it will in the coming future leads to better and more cost-effective services delivered to PM and Corporates.