Research Services’ Consumption & Cost; Finding The Hidden Value In A Deluge Of Data

This is not another “demise of the sell-side” article

Since the introduction of MiFID 2 in January of last year, there have been many pieces written by journalists, industry practitioners and other experts on the impact for both buy-side and sell-side professionals. Much of what has been written focussed on shrinking sell-side research budgets, the hit to IRPs, the exodus of research analysts and the general implosion of parts of the industry.

The path of least resistance is the one most trodden ……..

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Research Services and The Changing Behavioural Patterns Of Asset Managers In The Post MIFID 2 World

Authors: Stephen Carney, CEO and John Norris, COO

Impact on market participants

The breadth of the regulation captures, directly and indirectly, a wide range of buy-side firms, varying in size and strategies, as well as their sell-side research services providers (both traditional and independent). Whatever the actual level of preparedness of asset managers and hedge funds some clear trends have emerged in the first eight months of MiFID 2 including:

• Many firms (including the larger global firms) have decided to absorb the cost directly rather than pass this through to the funds
• Smaller firms, themselves not heavy users of research services and rely mostly on access to written content, have also opted to absorb the costs where there is an agreed (or perceived) fixed cost.

In terms of readiness, the decisions around process, technology and overall approach have been impacted by:

Changing behaviours ……..    Download Full Report Here