Mifid II will change the research landscape.
Fund managers must consider how investment research should be
priced as well as alternative data sources
2018 will usher in significant changes as to how
research is provided and consumed across the European Union.
The revised markets in financial instruments directive (Mifid
II) will prohibit EU managers and EU independent advisers from
receiving any third-party inducements (with the exception of
minor non-monetary benefits). Managers and advisers will
instead have to pay for investment research out of their own
pockets or set up research payment accounts (RPAs) that are
funded by their clients and from which research is subsequently
Whilst there has already been much discussion regarding the
complications arising from the use of RPAs and the possible
decline in total research available should a portion of the
sell-side decide to cease providing research altogether,
stakeholders need to consider the value proposition for...