Impact of MiFID II: Unbundling, the Sell Side and Research Trends

rsrchxchange, October 13, 2016

Originally appeared on the Flextrade website, 11th October 2016, by Ivy Schmerken. The piece includes quotes from our Co-Founder Vicky Sanders. European regulators are pressing to unbundle research payments from executions. Experts say that a regulatory overhaul driven by MiFID II has the potential to disrupt the global research industry. Many industry watchers maintain it will…

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FCA Publishes Third MiFID II Consultation Paper

rsrchxchange, September 29, 2016

Originally published by the Financial Conduct Authority (FCA), 29th September 2016 The Financial Conduct Authority (FCA) has today (29 September 2016) published its third consultation paper on the implementation of the revised Markets in Financial Instruments Directive (MiFID II). Some interesting points made in the consultation paper included: ‘a transparent, priced research market emerges where recipients…

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Why Research Unbundling Matters to the US Fund Manager

rsrchxchange, September 19, 2016

Originally appeared in HFMCompliance, September 9th 2016 By  Vicky Sanders, CEO RSRCHXchange For a fund manager in the US, MiFID II and research unbundling has seemed distant for a while now. Both in the time to implementation, delayed a year to the beginning of 2018, and in physical distance, with the regulation emanating from the…

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Research With a Capital ‘R’: The New Definition Under MiFID II

rsrchxchange, May 13, 2016

As first appeared in Tabb Forum 13th May 2016 By Vicky Sanders, co-CEO RSRCHXchange The European Commission has established rules for the unbundling of payments for research and execution. But what constitutes research? But even as the EC’s new definition broadens research beyond single-stock recommendations, it still leaves some unanswered questions. In establishing the new…

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A simplified guide to MiFID II unbundling

rsrchxchange, April 12, 2016

With the delegated acts released, RSRCHXchange has written a simple guide to the DAs and what is required of buy side firms in the unbundled world. The key requirements are for firms to establish a written policy for research and provide it to clients set & regularly assess budgets inform clients of the budget upfront and provide…

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European Commission publishes first of the Delegated Acts

rsrchxchange, April 7, 2016

Full text of the first of the Delegated Acts  published by the European Commission including Chapter IV “Inducements” which covers the provision of research

Research Payments – The tide is turning

rsrchxchange, April 4, 2016

by Alistair Haig, University of Edinburgh Business School Neil Woodford’s announcement that from April 1st his firm will pay for research rather than following the standard practice of deducting it from funds in the form of dealing commissions. This bold step, made by one of the UK’s most prominent fund managers, follows Legal and General’s announcement to increase fees…

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RSRCHXchange is hiring!

rsrchxchange, November 6, 2015

Part-time and full-time opportunities available for enthusiastic, well-organised and team-oriented individuals. Join a fast-growing team. Suitable for individuals with an interest in financial research & asset management, but no direct experience required. Working on our integration team, you will Engage with research providers to integrate their content onto the RSRCHX platform Work directly with our…

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Cub Scout’s Motto

rsrchxchange, October 20, 2015

The ESMA announcement came and went. Disappointingly, research was noticeable by its absence. Despite yet another delay, the majority of buyside firms recognise that a tidal wave of change is coming and are continuing on as planned; developing their new research consumption strategies. The upcoming regulatory change has been a catalyst for firms to review…

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FICC markets are no exception to MiFID II research rules

rsrchxchange, October 19, 2015

Article by Vicky Sanders, co-CEO, RSRCHXchange As published in FOW, 19 Oct 2015 MiFID II has made headlines for the best part of the last decade, yet there was a relatively last minute scramble in the city since late spring. Senior personnel from fixed income, currency and commodities (FICC) divisions of some of the city’s…

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Hedge Funds’ Access to Investment Research Under Change

rsrchxchange, October 5, 2015

As appeared in Hedge Funds Insight 5 Oct 2015 By Vicky Sanders, co-CEO RSRCHXchange Quality Crowded Out For most hedge fund managers, research is a problem when it should be a resource to make your life easier and help you produce more alpha. Despite having a well-paid sales contact at every sell-side firm, there is…

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What to Expect When You’re Expecting ESMA

rsrchxchange, September 23, 2015

As appeared in Bobsguide, TABB Forum, The Trading Mesh, &  AT Monitor. As we eagerly await  the final verdict on unbundling under MiFID II, here is a list of 10 things we can expect for research while we’re expecting ESMA’s much-anticipated release. 1. January 2017 is here to stay The delay of the final text from…

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The market for investment research is changing

rsrchxchange, September 1, 2015

With the potential to affect the largest change to the industry since the Big Bang, MiFID II will dramatically alter the market for investment research across Europe. Academics Alastair Haig and William Rees remind us that we are already in the midst of a fundamental change in the operation of this market. Commission Sharing Agreements (CSAs) were…

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The Fate of Research (3 of 3)

rsrchxchange, August 20, 2015

The mid-tier and local broker A little discussed impact of MiFID II is its impact on the mid-tier brokers and smaller local brokers throughout Europe.  Typical fully integrated trading and research operations, they receive both CSA payments and trading currently to pay for their services. When execution and research become unbundled then these two activities…

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Nomura part of an ongoing trend

rsrchxchange, August 10, 2015

Nomura’s early action to downsize their fixed income research department has been the subject of much attention as the first bank to make such a move in response to MiFID II. They are not, however, the first bank to cut back on research headcount. Edison estimate that the number of sell side research analysts has halved…

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The Fate of Research (2 of 3)

rsrchxchange, July 22, 2015

The Big Bank It is easy to say that banks will call the shots and lets wait and see how they respond. This is usually the case. The banks always have a plan. However, for the first time in my career I am not so sure. We have seen some early responses: the rate card…

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The Fate of Research (1 of 3)

rsrchxchange, June 16, 2015

The research payment account (RPA) is coming. For a 446 page document which has the potential to shake capital markets in Europe, never has so much attention been focused on one word within one paragraph (to the detriment of all the other changes the document outlines). This word is ‘linked’ <not be linked to the…

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Summer holiday at the European Commission

rsrchxchange, May 20, 2015

The rumour mill may be proven right yet again. There has been growing speculation that ESMA will be forced to delay the release of the draft technical standards until September. This now appears to be an extremely likely outcome as the chairman of ESMA, Steven Maijoor, wrote to the European Commission warning of a delay….

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More on Paying for Research

rsrchxchange, March 25, 2015

Has the ability to pay away for research had an impact on the financial research market? As part of their ongoing study into the market for investment research, Alistair Haig and Professor Bill Rees surveyed 40 UK buy-side institutions to evaluate the impact of Commission Sharing Agreements (CSAs). The resounding answer is “yes”.  The CSA payment…

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What $25trn of AUM thinks about Paying for Research

rsrchxchange, March 9, 2015

TABB group spoke with over 50 asset managers trading European equities on the consequences, intended or otherwise, of research and execution unbundling.  The report shouldn’t be ignored – the funds manage $25.5trn in total. That being said, the report’s headline stat doesn’t come as a huge surprise: 67% of participants believe that research payments will decline. Nearly…

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IRP Conference – 3rd March

rsrchxchange, February 26, 2015

Excited for next week’s Global Independent Research Conference where we’re exhibiting and hosting a panel. If you’re interested in attending, please get in touch.

What about the other SMEs?

rsrchxchange, February 25, 2015

Markus Ferber is right to think about the impact of MiFID II on small and medium businesses but he’s forgetting an important group – the SMEs who produce the research in question. The independent providers have been operating at a significant disadvantage to banks and brokers who have been giving away research for free for…

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Welcome our Advisors!

rsrchxchange, February 20, 2015

We are so honoured to announce that three stellar individuals have joined RSRCHXchange as senior advisors – Alistair Haig, Don Guiney and John Lowrey. Each brings a vast amount of experience from their different specialities within financial markets, and we could be more thrilled to work with them!  Check out their bios

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FCA says CSAs are out

rsrchxchange, February 19, 2015

Today’s feedback from the FCA on ESMA’s technical advice is a must read for anyone who cares on dealing commissions. CSAs are out and Research Payment Accounts (RPAs) are in. This won’t be taken well by many in the industry who have argued that CSAs are a good existing process that should be enhanced not…

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