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The Trading Mesh

April 2018

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...