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The Trading Mesh

Commcise's Blog

Addressing the Trans-Atlantic research dilemma

April 4, 2018 Comments (0)           

By Melissa Umans, Director of Business Development, Commcise
Paying US-based broker-dealers for research is not without challenges for UK-based asset managers.
The Challenge:
In Europe, MiFID II requires buy-side firms to pay for research either as a direct payment from their P&L or from a ring-fenced Research Payment Account (RPA). For a US-based broker dealer to accept payments in hard dollars or through MiFID-governed research payment accounts from MiFID-affected...

Ensuring that research charging policies stand up to scrutiny

January 20, 2018 Comments (0)           

By Amrish Ganatra - Managing Director, Commcise
Now that MiFID II has come into force, we look at what processes ESMA expects asset managers to have in place to demonstrate transparency and robust research valuation.
On 10 November 2017, ESMA published the latest version of its Q&A designed to provide clarity on the application of MiFID II and MiFIR requirements. The section on inducements (updated in early April) outlined options for firms to ensure that the allocation of their...