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ICMA AMIC survey on FICC research unbundling
23 November 2018 ICMA’s Asset Management and Investors Council (AMIC) today issued the results of the second AMIC FICC Research Unbundling survey. The purpose of the survey is to help improve market clarity on this topic, identify remaining challenges, difficulties and outstanding issues in the implementation of the new MiFID II research rules and to establish progress compared to the first survey issued in 2017. This survey was aimed at buy-side firms and focused on FICC research only.

The results show that 79% of firms who responded pay for FICC Research from their P&L, up from 67% last year. On SME research, 43% of respondents noticed a decrease in availability and breadth of research, a trend which we expect will continue. Respondents’ approach to tackling the conflicting rules around FICC research globally seems to be equally split between unbundling research fees globally (35%) and segregating the EU and non-EU businesses (35%) - a stark change from last year when 64% of firms were planning to unbundle globally and only 7% were planning to segregate their businesses.  

We hope that the our members and the market find the results helpful and informative. Please let us know if you have any feedback or would like to discuss these results.

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