Browsing: Commissions

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

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 ...

TABB: Commissions Down, Execution Costs Up

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, ...

Final MiFID II Rules Released; Banks Required To Disclose Research Fees

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

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?

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 ...

Convergex Sees Increased Demand For Commission Aggregation Post MiFID II

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, ...

Jefferies Is First Victim Of Tough Q1 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)

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

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

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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