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MiFID II/R - research unbundling
MiFID II has wide reaching implications for European financial markets with some global spillover effects.

Within AMIC, we have explored the implications that research unbundling will have on both asset managers and end investors – with a focus on fixed income research, which often gets overlooked due its larger equities counterpart.

MiFID II/R and the bond markets: the first year - An analysis of the impacts and challenges of MiFID II/R implementation since January 2018 - December 2018
AMIC briefing on ESMA research unbundling Q&A (July 2018)
MiFID II implementation: research unbundling - October 2017

Research Unbundling – Summary of surveys (Members only)

See also: MiFID II/R implementation (covering primary markets, secondary markets, repo markets and asset management).




AMIC survey on FICC research unbundling

8 November 2017 ICMA’s Asset Management and Investors Council (AMIC) today issued a survey it conducted on the intentions of investors with regard to the unbundling of FICC research as a result of the new rules coming from MiFID II. The survey was conducted in the last two weeks of October 2017 among AMIC members and is presented now in an anonymised format.

The results show that a clear majority of firms expect to be compliant by the MiFID II implementation deadline of 3 January 2018, but only half of respondents have received guidance from their national regulator with regard to the rules. 67% of firms intend to pay for research from P&L, only 4% intend to use a research payment account (RPA), but 17% had not decided.

A majority of respondents will increase spend on FICC research, but reduce the number of providers. Independent research providers (IRPs) are set to see more demand for their products and services.

Finally, a majority of firms (61%) said they plan to unbundle their research consumption globally, showing the growing international effect these European rules will have.