Top Research Stories 2018

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Our top 2018 articles about MiFID 2 research unbundling

Year one of research unbundling have already brought many changes to the European investment research industry.

We have selected and compiled our top publications covering key investment research trends and topics.

Please download your collection of articles and learn more in this 34-pages e-book about:

  • The new economics of investment research

  • Research-as-a-Service

  • Global regulatory divergences

  • The evolution of research coverage

  • The future of investment process

  • Technology for the new asset managers

  • Alternative research

The Asset Manager's MiFID II Guide To Research Unbundling

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MiFID II and research unbundling

In January 2018, MiFID II requires investment firms to unbundle research from dealing commissions in Europe.

We have compiled important publications from regulatory bodies such as ESMA, AMF and FCA, and organized them by key topics for efficient reading.

Please download our guide for asset managers and learn more in this 50-pages e-book about:

  • Research definition
  • Budgets
  • The Research Payment Account
  • Macroeconomic and FICC research
  • Corporate access
  • Trial periods
  • Non-EU Countries
  • Collective Portfolio Management

The Asset Manager's Unbundling Checklist

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MiFID II and research unbundling

In January 2018, the European MiFID II delegated directive requires investment firms to unbundle research from dealing commissions.

Using information from regulatory bodies such as ESMA, FCA and AMF we have collated insights into one crib sheet. In order to comply and understand the details of the MiFID II requirements, please download our checklist for asset managers.

In this 2-slide presentation, we cover the following key topics:

  • Selection
  • Inducement
  • Evaluation
  • Payments
  • Tracking
  • Reporting

The Future of Equity Research


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The deadline for MiFID II is fast approaching.

It is now clear that procurement of investment research is among the most challenging operational, strategic and regulatory issues for asset managers. While MiFID II was drafted for Europe, its impact will be felt worldwide.

This radically new regulatory environment is coinciding with an unprecedented wave of technological innovation. All aspects of the conservative asset management industry are due for disruption.

In this 50-slide presentation, we explore the following topics:

  • The MiFID2 regulatory roadmap
  • Evaluating investment research
  • How to price research
  • Working with the new buy-side
  • What impacts to expect in 2018

Evaluating Investment Research



In late 2016, the French AMF and UK FCA regulators have consecutively launched a public consultation on the future implementation of new MiFID II provisions on payments for research.

Among the main topics of discussion, the evaluation of purchased research by investment firms remains complex and even controversial.

In this white paper, we revisit current practices and explore new ones.
You will learn more about:

  • Why value investment research?
  • What are the industry's current practices?
  • Are popular analyst rankings compliant?
  • What are the emerging rating methodologies?
  • How is technology changing the value of research?
  • Available for download in English and French

Paris Investment Research Forum 1st Edition



The unbundling of research and execution is one of the most widely anticipated regulations.

On May 19 2016, the first Paris Investment Research forum organized by AGEFI in cooperation with ITG and AlphaValue, a Paris-based independent research producer, has gathered 200 attendees from the investment management industry.

Learn from 22 asset managers, analysts, regulatory and corporate panelists on how the buy-side and sell-side will operate in the future:

  • Why it is now urgent to prepare for MiFID2
  • What are the latest trends in research pricing
  • Is investment research becoming a market
  • How can new distribution platforms help
  • How asset managers are transforming their procurement
  • Is independent research a criteria of choice
  • Why SME coverage is key for our economies
  • Has corporate access ban really lead to transparency
  • How big data will change research

Spotlight on Independent Research



The Bloomberg London event in Jan 2016 brought together industry experts to discuss the elements underpinning the expansion of independent research. In this white paper, you will learn about:

  • Current state of the MiFID 2 directives
  • Overview of the research market structure
  • How research will be paid for
  • Evolution of revenue models
  • New pricing of equity research
  • Commission trend in research payment
  • VAT issues
  • How can independents benefit in this new world

Equity Research Worth Paying For



Learn in this white paper from our latest Senior Executive roundtable on the future of equity research. You will gain insights about:

  • The EU MiFID 2 directive
  • Current state of equity research
  • Factors that affect equity research: revenues, content, and supply
  • Background of regulatory unbundling of research from execution
  • The state of commission sharing agreements (CSAs)
  • The proposed research payment account (RPA) scheme
  • Factors that complicate equity research pricing
  • Consequences of unbundling brought about by MiFID 2
  • Challenges in valuing research
  • Trends that accelerate equity research transformation