Browsing: Compliance

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Research Funding Update: Fidelity International Sets Large Research Budget While AQR Eats Research Costs Globally

In their 2018 guidance, many of the larger publicly traded asset managers indicated that research costs under MiFID II would not be material, but we calculate that Fidelity International will ...

MiFID II Complicates Payments to US Brokers

The following is a guest article by Melissa Umans, US Director of Business Development for Commcise Software Limited, a provider of commission management software.  Paying US-based broker-dealers for research is not ...

MiFID II Will Cut Research Payments By $2 Billion According To Oliver Wyman/Morgan Stanley

MiFID II research unbundling will reduce research payments by $2 billion by 2019 representing 10% of global cash equities, according to a report from consulting firm Oliver Wyman and Morgan ...

New MiFID II Guidance Cautions On Research Pricing

In its latest Q&A relating to research inducements released Friday, the European Securities and Market Authority (ESMA) warned banks providing FICC research that they will need to substantiate their pricing ...

MiFID II Creates Information Asymmetry Favoring US Managers – For Now

The following is a guest article by Neil Scarth, Principal of Frost Consulting ( which provides customizable research budgeting/valuation frameworks and research spending databases. The prevailing consensus of opinion in June ...

Australian Regulator Censures Boutique After Implementing Tougher Research Regulations

The Australian Securities & Investment Commission (ASIC), the country’s financial markets regulator, forced a small mining research firm which provides issuer-paid research as well as corporate advisory services to strengthen ...
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Research Funding Update: As Fidelity Flips, P&L Assets Now Outweigh Ring-Fenced Assets

Our research funding scorecard now shows for the first time that, for asset managers with declared MiFID II policies, the assets under management associated with out-of-pocket research payments now exceed ...

Scandinavian Banks Turn to Issuer Sponsored Research as MiFID II Solution

Oslo-based bank, DNB has recently announced that it plans to offer “issuer sponsored” research as a way to finance the production of research for uncovered or under covered companies and ...

MiFID II’s Failures Are Already Apparent

The following is a reprint of an exclusive article published for ResearchWatch subscribers on December 27, 2017. MiFID II’s research unbundling provisions, which went into effect early last month, will create ...
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French Regulators Update Research Unbundling Guidance

L’Autorité des Marchés Financiers (AMF) issued an updated version of its “Guide: Funding of Research by Investment Service Providers Under MiFID II” originally published August 2017.  See our original discussion ...
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