Living with MiFID II: Accessing Unbundled Investment Research

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An Examination of the New Buyside Consumer Consumption & Payment Paradigms

This report examines the extent to which the EU-based investment research industry landscape has changed so far in 2018 following the go-live of MiFID II in January and the regulation’s rules regarding the unbundling of buyside client payments for investment research content and services from any other charges, fees or commissions levied by an investment bank or non-bank broker. The report presents this analysis through the lens of a January 2018 to June 2018 GreySpark survey encompassing 30 different companies – specifically, asset management firms, investment banks, independent research provider companies and independently-run investment research portals or platforms – as well as the findings of a series of interviews with those survey participants.

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Following the start of the second half of 2018, the purpose of the GreySpark survey and industry participant interviews was essentially to address one straightforward question regarding the future of the investment research industry landscape that, crucially, remains unanswered: So far, within the historical landscape for the industry, what has changed as a result of MiFID II’s mandates?

The findings of the analysis are important in that they are indicative of the likely long, evolutionary road that lies ahead, primarily for the EU-based investment research industry, but also – arguably – for the whole of that industry globally.

Published on: 5 Sep, 2018

Living with MiFID II: Accessing Unbundled Investment Research – Table of Contents

  • 1.0 Investment Research Provision & Consumption: Establishing New Contractual Relationships
    • 1.1 Sellside Investment Research Providers: Establishing a New Value-add Case
    • 1.2 Buyside Investment Research Consumers: Tracking Content Use & Spend
  • 2.0 Buyside Content Consumers: Assessing Alternative Investment Research Channels & Providers
    • 2.1 The Marketplace Effect: MiFID II’s Emphasis on Paying for Quality
    • 2.2 Independent Investment Research Providers: A Renewed Focus on Content Format & Distribution Method Amid Heightened Competition
    • 2.3 Investment Research Marketplace Aggregator Platforms: Poised for Future Growth in Utilisation as Content Distribution Outlets
  • 3.0 Disruptions to the Historical Norms of Buyside Consumer Behaviour & Consumption
    • 3.1 New Buyside Consumer Investment Research Processes & Workflows
    • 3.2 Buyside Investment Research Consumers: Making the Best Use of a Forthcoming Data Deluge
  • 4.0 Assessing the Future of Investment Research Content Provision & Consumption
    • 4.1 Assessing Short-term Behavioural Change: Investment Research Consumers
    • 4.2 Assessing Short-term Behavioural Change: The Future Role of the Bank Investment Research Analyst
    • 4.3 Assessing Short-term Behavioural Change: Disruptive Content Production & Distribution Automation Technology
  • 5.0 Appendices
    • 5.1 Glossary of Terms
    • 5.2 Table of Figures
    • 5.3 Methodology