Browsing: Commissions

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FCA-Sponsored Study Showing Links Between IPO Allocations And Brokerage Commissions Creates Concerns

05/23/2016
A study fostered by UK regulators found strong links between IPO allocations and the brokerage commissions that investment banks receive from their buy side clients.  The timing of the study ...
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TABB: Commissions Down, Execution Costs Up

04/28/2016
European buy-side traders expect equity commissions to fall in 2016 and execution costs to rise, according to a TABB Group survey.  For the sell side, being in the top five, ...
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Final MiFID II Rules Released; Banks Required To Disclose Research Fees

04/11/2016
Note: This article was originally published for ResearchWatch subscribers on April 7.  It was the first commentary to be published on the Delegated Acts. Given the impact MiFID II’s new ...
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Final MiFID II Rules Released; Banks Required To Disclose Research Fees

04/07/2016
The European Commission released the Delegated Acts for MiFID II, containing new rules regarding investment research as an inducement.  The rules include a significant provision requiring investment banks to put ...
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Will Budgeting Restrict Research Spending?

04/05/2016
This is the second in a 2-part article on research budgeting. Yesterday we examined a provision in forthcoming regulation which we think will expand the use of broker voting in ...
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Convergex Sees Increased Demand For Commission Aggregation Post MiFID II

03/31/2016
Convergex’s commission management unit Westminster asserts in a recent press release that reforms in MiFID II will increase use of commission aggregation platforms.  Although Convergex is talking their own book, ...
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Jefferies Is First Victim Of Tough Q1 2016

03/30/2016
Anecdotally, research firms are telling us that the first quarter has been a difficult one for sales.  Although the S&P 500 is eking out a small gain for the quarter, ...
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Unintended Consequence of Basel III: Higher Execution Costs (& Lower Research Spending)

03/21/2016
Basel III's increased capital pressures on investment banks is resulting in an unexpected consequence: higher execution costs.  Informed sources in Europe are saying that reduced liquidity, especially in the small ...
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FCA Expects Final MiFID II Rules Within The Next Month

03/17/2016
UK regulator Adam Wreglesworth, the keynote speaker at a Research for Investors conference yesterday, expressed confidence that the final rules for research payments under MiFID II will be published “within ...
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Redburn Partners Targeted by Banks Post MiFID II

03/07/2016
Redburn Partners, a successful London-based independent research firm, will be in the cross-hairs of larger investment banks in the post-MiFID II environment. Not their research, which is highly regarded, but ...
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