Research rules have been hot topic in equities but largely ignored by FICC world
by Vicky Sanders, co-CEO, RSRCHXchange
Mifid II has made headlines for the past few
years, yet there was a relatively last minute scramble in the
city since late spring. Senior personnel from fixed income,
currency and commodities (FICC) divisions of some of the
city’s biggest banks put together a last ditch,
coordinated lobbying effort against one particular section of
the rules. Mifid II mandates that all research must be priced.
Still assumed by most in FICC to be an equity-specific matter,
the research rules (technically falling under the inducement to
deal clause) have admittedly been a hot topic in equities. So
much was the issue being ignored by the FICC world, the FCA, in
its frustration, issued a paper to specifically address the
fact that the research rules are not equity-only and that they
adhere to all asset classes covered under Mifid II.
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