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Home Research Reports Buyside Trends Mastering MiFID II: Research Unbundling

Mastering MiFID II: Research Unbundling

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Disentangling Payments for Research

This report explores the impact that the second iteration of the EU’s Markets in Financial Instruments Directive (MiFID II) will have on the investment research marketplace and its competitive environment. The report examines how MiFID II rules to itemise research payments separately from other fees, charges and commissions will force investment banks and investment managers to adopt new systems and administration functions to comply with the regulation.

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Mastering MiFID II: Research Unbundling, details how MiFID II targets inducements that generate bias and distort an investment firm’s decision-making in favour of a particular service provider with little regard for the value of the services to their clients. MiFID II curbs the use of research as an inducement that brokers offer investment managers in exchange for execution and flow by requiring investment managers to make either a direct payment from their own resources or a payment from a research payment account (RPA), which is funded by client money, for all substantive investment research received.

Published on: 21 Sep, 2016

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Categories: Buyside Trends, Regulations, Research Reports Tags: Assets under management, AuM, Broker vote, COBS, Commission sharing agreements, Conduct of business sourcebook, Crowd-sourcing, CSA, ESMA, EU, European Securities and Markets Authority, FCA, Financial conduct authority, FINRA, Gold-plating, Hard dollar arrangement, HTML5, Independent research providers, Inducements, Investment managers, IRP, MiFID II, National Competent Authority, NCA, Pricing, Research componetisation, Research payment account, Research providers, RIXML, RPA, SEC, Securities and Exchange Commission, Soft dollar arrangements, UCITS, Unbundling, Undertakings for collective investment in transferable securities, Valuation
  • Table of Contents

Description

Mastering MiFID II: Research Unbundling – Table of Contents

  • 1.0 The Background to Payments for Investment Research
    • 1.1 The Market for Investment Research
    • 1.2 Payments for Research
  • 2.0 MiFID II and Research Payments
    • 2.1 Inducements
    • 2.2 Purchasing Research
    • 2.3 Gold-plating
  • 3.0 Impact of the Measures
    • 3.1 Investment Banks
    • 3.2 Investment Managers
    • 3.3 Independent Research Providers
    • 3.4 Aggregators and RPA Managers
    • 3.5 Asset Class Focus
    • 3.6 Global Competition
  • 4.0 Technology
  • 5.0 Research Pricing and Valuation
    • 5.1 Pricing Products and Services
    • 5.2 Valuation
  • 6.0 Appendices
    • 6.1 Glossary of Terms
    • 6.2 Independent Research Providers – Association Members
    • 6.3 Independent Research Providers – Others
    • 6.4 Table of Figures

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