Browsing: Commissions

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The Lame Duck FCA

11/07/2016
Although the UK Financial Conduct Authority is showing signs of accommodation in its interpretation of the new European research payment regulations, the ghost of Martin Wheatley, the FCA chief who ...
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German Regulators Expected To Endorse French Version Of MiFID II Unbundling

11/07/2016
The German financial markets regulator does not intend to release its own consultation paper on MiFID II, according to market sources.  Instead it will be quietly endorsing the interpretation provided ...
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Will MiFID II Back Away From Regulating Fixed Income Research?

10/31/2016
Markus Ferber, an influential European Parliament lawmaker, questioned the feasibility of implementing MiFID II's research rules for fixed-income markets, according to an article in Financial News.  He also noted the ...
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Why US Firms Are Not Concerned About Research Cross-Subsidization

10/26/2016
One area where new MiFID II research unbundling regulation conflicts with US regulatory practice (besides the ability to use bundled commissions) is the potential for some asset management clients to ...

CRISIL Says Research Unbundling Will Squeeze Asset Manager Profits By 17% To 29%

10/19/2016
Outsourcing provider CRISIL Global Research and Analytics made dire predictions of the impact of MiFID II’s unbundling provisions on the profitability of European and US asset managers, arguing that operating ...
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Are UK Regulators Still Trying to Ban Paying For Research With Client Commissions?

10/18/2016
Is the UK regulator trying to gold plate MiFID II unbundling provisions?  Will UK asset managers be forced to pay for research from their own pockets because the UK Financial ...
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We Hold These MiFID II Truths To Be Self-Evident?

10/11/2016
There are certain MiFID II truths considered self-evident: spending on research will decline, research coverage will shrink, and mid-tier brokers will suffer most. A whitepaper promoted by Edison Group, a ...
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UK Regulators Offer Moderate Interpretation Of MiFID II Unbundling

09/30/2016
The UK Financial Conduct Authority (FCA) released its long-awaited consultation paper on MiFID II [discussion begins on page 24 and draft language begins on page 263]. If industry participants expected ...
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Will Research Spending Be Slammed $5 Billion By MiFID II? Probably Not.

09/22/2016
How much will asset managers cut their research spending after new European unbundling rules go into effect?  A Financial Times article puts the amount at $5 billion.  We suspect the ...
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French Regulators to UK Regulators: Your Mother Was A Hamster

09/14/2016
This the second and final installment of a two-part examination of the French regulatory interpretation of new European rules unbundling research payments from execution. In the previous article we discussed ...
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