Unbundling investment research under MiFID II: How to balance price, allocation and quality

MiFID II (came into effect on 3 January 2018) is set to disrupt the production and distribution of investment research, impact execution services and ultimately the costs for investment firms and end-investors. Brokers have to establish a price for investment research separately from execution services. Asset management firms need to develop research budgets for all asset classes, and either pass the costs of research on to clients or absorb the costs themselves. Nonetheless, this will lead to new opportunities for investors to better compare price and quality across products and service levels.

  • What are the major challenges that firms face in complying with research unbundling (e.g. budgeting – P&L or RPA, allocation, valuation, payment)?
  • Smaller or larger firms are affected the most by the new rules? What is the approach from an operational standpoint (national, European, global)?
  • What is the impact of research unbundling on profitability, liquidity and quality? Are the claims about the potential reduction in the coverage of SMEs warranted? 
17
January 2018
Wednesday
13:00-14:30

1319

Speakers

Rhodri Preece
Head of Capital Markets Policy EMEA, CFA Institute
Guillaume Berard
Advisor, FSMA
Neil Scarth
Principal of Regulatory Research, FrostConsulting
Angus Bogle
Co-Head of Equities Management, Schroders

Chair

Karel Lannoo
CEO, CEPS

Unbundling investment research under MiFID II: How to balance price, allocation and quality

Contact: 
Organiser: 
17
January 2018
Wednesday
13:00-14:30
Registration is free of charge for ECMI/CEPS members, EU/national officials, full-time academics, PhD students (subject to available seats), NGOs (not representing industry sectors or a commercial interest) and press Other participants may be admitted for €175 (VAT included, payable in advance or at the registration desk). A sandwich lunch will be served before the event (starting at 12h30).

1319

CEPS Working Party Room - 3rd floor

Place du Congrès 1 - 1000 Brussels