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The Trading Mesh

Amrish Ganatra's Blog

FCA’s Policy Statement: Five key points regarding research

July 28, 2017 Comments (0)           

Earlier this month, the FCA released its second and final Policy Statement on MiFID II implementation.
Chapter 7 of the document, which relates specifically to research, has thrown up some important points that we believe should be highlighted.
Ex-ante methodology
In its response on valuation and pricing of research, the FCA states that firms need to formulate ‘a clear methodology to establish what they expect to pay providers for research before they receive and consume...

Forget MIFID II: Are you compliant with today’s FCA regulations?

March 30, 2017 Comments (0)           

This article was originally published on the Commcise website and is reproduced here with permission
 
In March, the FCA published the results of a review into the use of dealing commissions at 31 UK asset managers. Their intention was to assess how firms have responded to an FCA discussion paper from 2014. Their conclusion? Poorly.
How can firms address those concerns?
Under the five key headings highlighted in the FCA’s report, we describe their criticisms and outline some...

Research Payments: Funding Options Explained

May 31, 2016 Comments (0)           

By Amrish Ganatra
 
Under the new regulations in MIFID II, asset managers are faced with difficult choices on how best to implement the new provisions.  In this article, we explore the advantages and disadvantages of the three funding options for research payments available under MIFID II.
 
MIFID II is due to come into effect from January 2018. After this date, if a European asset manager chooses to use their clients’ funds to pay for research, then they will have to...

Demystifying Research Payment Accounts (Part One)

March 21, 2016 Comments (0)           

By Amrish Ganatra

Any day now, the European Commission (EC) will officially release its long-awaited draft of the MiFID II “Delegated Acts”, part of which will refer to the unbundling of commission payments.

Although a leaked draft of this document has been circulating around the market, investment firms are still looking for answers.

What will change under the Delegated Acts? 
What exactly is a Research Payment Account (RPA)? 
How will firms account for...