Browsing: Compliance


European Boutiques Ask For Exemption From MiFID II Rules

Arguing that “the current market for research under MiFID II is not functioning effectively,” the trade organization representing European independent research providers is requesting that European regulators exclude independents from ...

Web Crawling Protected By First Amendment

A recent ruling by a Washington DC District Court argues that web crawling is protected by the First Amendment, in an extension of a recent US Supreme Court decision. The ...

New Alternative Data Standard-Setting Body Begins Soliciting Feedback On PII Practices

The Investment Data Standards Organization (IDSO), a non-profit comprised of producers, distributors and users of alternative data, is starting member review of draft standards for Personally Identifiable Information (PII) with ...
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Death of the Equity Salesperson: MiFID II ‘Nails Coffin Shut’

One MiFID II consequence which has not been broadly discussed is how the new research unbundling rules are gutting the traditional equity sales role.  Gone are the days of calling ...
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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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