Investment Banks start selecting Research firms to meet Global Research Settlement


According to a news article dated April 27th by the Associated Press, three of the ten investment banks involved in the global research settlement have publically indicated who they would be selecting to help them provide independent equity research on the stocks their analysts follow to their customers.

“Of the firms, only Bear Stearns Cos., Lehman Brothers and UBS AG – which each must dole out $5 million a year on the new research – have indicated their choices for research providers.”

The article goes on to name BNY JayWalk as the chosen source of independent research for these three investment banks.

“The $25 million auxiliary research tab at Bear, Lehman and UBS – a third of what Citigroup, Merrill Lynch and Morgan Stanley are required to spend – has led them to contract with a Bank of New York Co. unit that aggregates research from more than 100 independent firms rather than negotiating more expensive contracts with individual providers.”

Market sources suggest that as many as 5 of the 10 consultants hired to select the independent research providers to offer clients have either committed to, or are leaning towards adopting, BNY Jaywalk’s “Meritocracy” system.

The complete Associated Press article mentioned above can be found at


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