Banks Choose Independent Providers


Wall Street banks have begun announcing their choices for independent research providers under the Global Research Analyst Settlement.

According to the terms of the settlement between the US Securities and Exchange Commission and 10 brokers, each firm is required to contract for five years with at least three independent research firms and make those research reports available to their customers by July 26 (IMD, Nov. 3, 2003).

In response, Merrill Lynch has chosen Morningstar and BNY Jaywalk,

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