Nicholas Dray is Manager of Independent Research & Commission Management at Marex Spectron, a London-based broker which introduces independent research to asset managers. Marex Spectron is one of the world’s largest privately held brokers of financial instruments in the commodities sector and a leader in facilitating trade in physical energy products. It also offers broking services covering a broad range of financial products. Marex Spectron’s Independent Research & Commission Management Desk specialises in introducing IRPs to the buy-side on a case-by-case basis. Introductions are made only after ensuring IRPs are of the highest quality and of complete relevance. As well as the introductory service, Marex Spectron manages Research relationships on behalf of the buy-side, including all administrative aspects such as fee negotiations, invoicing, renewals and service T&Cs. The team also offer CSA-trading through Marex’s Cash Equities desk as well as Commission Management and Aggregation Services. Marex Spectron also focuses on analysing the ongoing regulatory research framework and the changes affecting the research industry in general, particularly in light of the recent FCA’s review on dealing commissions.