RSRCHXchange adds ‘Dashboard’ to measure research consumption and ensure MiFID II compliance
New functionality enables asset managers to improve research procurement
London 19 April 2016: RSRCHXchange, the marketplace for institutional research, today announced the addition of the RSRCHX Dashboard to their platform functionality, which enables asset managers to track firm-wide research consumption, improve the procurement process and ensure compliance with MiFID II unbundling requirements.
The MiFID II Delegated Acts (DA) published in early April, have brought long awaited clarification on research procurement processes and research payment accounts. Firms will be required to put into place controls, set up management oversight and create audit trails. Investment firms will be required ‘upon request by their clients or by competent authorities, to provide a summary of the providers paid from this account, the total amount they were paid over a defined period, the benefits and services received by the investment firm’. Furthermore, investment firms must ‘regularly assesses the quality of the research purchased, based on robust quality criteria and its ability to contribute to better investment decisions’.
While research budgets are a vital necessity for asset managers, managing them can be costly and time-consuming; as a result, many firms struggle to build a full picture of their own research usage. Given the unique cloud-based structure of RSRCHX, enhanced data is gathered automatically at the point of consumption.
Available from today, our RSRCHX Dashboard provides asset managers with a MiFID II-compliant, more efficient and systematic way to measure research usage and rate their providers, rather than relying on broker vote systems.
The Dashboard is available free of charge to existing users on our research platform and gives asset managers real time access to research consumption data, quality metrics and spending, saving them time and internal cost by removing third party inputs and manual data entry. The Dashboard will also provide both a firm-level overview and a detailed team & individual analysis of research consumption & spending, in addition to absolute & relative provider rankings.
The head of commission management at a leading London-based asset manager expressed his enthusiasm for the new dashboard, describing it as:
“An excellent, well designed and very user friendly dashboard that is informative and helps us maintain and control our research spend amongst our teams whilst also keeping us in line with the MiFID II research budgeting requirements.”
Vicky Sanders, Co-founder of RSRCHXchange said: “We are very excited to be launching our Dashboard today. Now that the DAs are published, buy-side firms can move forward in updating their research procurement process in response to MiFID II. A deep understanding and auditable overview of what research they actually use for their investment decisions is now an essential business and regulatory requirement. Whether firms are moving towards paying for research from their own P&L or with client-funded RPAs, this Dashboard is an essential tool. By using our Dashboard, asset managers can be confident their MiFID II research procurement requirements are being fulfilled.”
ENDS
Media Contacts:
Sybille Mueller / Matt Fincham
Streets Consulting
Tel: 020 7959 2235
Email: sybille.mueller@streetsconsulting.com / matt.fincham@streetsconsulting.com
About RSRCHXchange
Launched in September 2015, RSRCHX is THE marketplace for institutional research. Built in consultation with asset management institutions and research providers, RSRCHXchange radically modernises the way in which financial institutions buy and sell research. Ahead of MiFID II unbundling changes coming into force in January 2018, the RSRCHXchange platform enables buy-side firms to access alpha-generating research in a more efficient, discerning and transparent way. At the same time, research providers benefit from access to a growing community of global buy-side firms and efficient payment, compliance and administration processes designed to help analysts focus on what they do best: produce insightful research.
Headquartered in London, RSRCHXchange is the only research marketplace built to the specification of the international fund management industry, by experts with decades of fund management and research procurement experience. Our founders are committed to ongoing collaboration with both domestic and international asset management and research communities and continue to invest in additional functionality and platform enhancements. To find out more please go to http://rsrchxchange.com/ or follow us on twitter @rsrchx.