Open Platform: The Implications of MiFID II's Research Unbundling Requirements

The Smart Cube's David Landi offers insight into the impact of upcoming regulatory changes on the provision of (and payment for) broker research.


The changes being ushered in by MiFID II are designed to curb the use of research as an "inducement" that brokers offer to investment managers in exchange for execution and flow. Under the new rules, buy-side firms must make either a direct payment from their own resources or a payment from a research payment account (RPA), which is funded by client money, for all substantive investment research received.

For buy-side and sell-side firms, these requirements represent a new frontier that is

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