Browsing: MiFID II
Survey: The US vs EU Research Budget Divergence
05/04/2026
Substantive Research recently published findings from a survey of the 50 largest asset managers globally showing US investment research budgets have recovered 40 basis points since 2022, while European budgets ...
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Passing on Research Costs to Clients Will Reverse MiFID II Damage
12/03/2025
Substantive Research, a UK-based research and market data benchmarking services provider, recently found in an industry survey that a majority of asset management firms plan to pass research costs back ...
FCA PS25/4: New Rules on Investment Research Payments for Pooled Funds
05/12/2025
On May 9, 2025, the UK Financial Conduct Authority (FCA) published its policy statement PS25/4, finalizing new rules that grant pooled investment funds greater flexibility in paying for investment research.
These ...
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Research Budgeting Myths – Part Two – Asset Owners Can’t Wait to Fire Their Managers!
02/24/2025
The headlong rush by UK and EU asset managers to move to pay for external research via P&L at the onset of MiFID II is one of the most remarkable ...
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Research Budgeting Myths – Part One
02/17/2025
The following is Part 1 of a two-part guest article by Neil Scarth, Principal of Frost Consulting (www.frostconsulting.co.uk) which provides customizable research budgeting/valuation frameworks and research spending databases.
At the request ...
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UK Asset Managers Weigh Research Cost Changes Amid New FCA Framework
02/05/2025
The Financial Conduct Authority's recent regulatory changes regarding investment research costs have prompted discussion among UK asset managers about passing these expenses to end investors. Substantive Research Survey Results In ...
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Euronext Acquires Substantive Research
09/24/2024
Last week, exchange Euronext announced that it had acquired Substantive Research, a research and market data benchmarking services provider. Substantive Research offers in-depth transparency on product and pricing comparisons for ...
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Survey: Global Asset Managers Divided on FCA’s New Unbundling Rules
08/29/2024
According to a recent survey by Substantive Research, a UK-based advisory firm focused on research and market data spending, global asset managers remain uncertain about whether they plan to adopt ...
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New UK Research Rules: Part II
07/30/2024
The following is a guest article by Neil Scarth, Principal of Frost Consulting (www.frostconsulting.co.uk/) which provides customizable research budgeting/valuation frameworks and research spending databases. In the first article in the ...
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New UK Research Rules: The Starting Gun for Global Research Regulatory Convergence?
07/29/2024
The following is a guest article by Neil Scarth, Principal of Frost Consulting (www.frostconsulting.co.uk/) which provides customizable research budgeting/valuation frameworks and research spending databases.
What goes around comes around – sort ...