Unbundling rules under Europe's Mifid II reforms are seen as contentious
Unbundling of research in the fixed income
markets will be challenging and the result is uncertain,
according to a new research paper by consultancy Greyspark on
the unbundling rules under Mifid II.
As it is, fixed income research is offered
precisely as an inducement for execution and is paid for in
negotiable spreads, so the cost of research is wholly embedded.
According to the researchers, applying Mifid II’s
requirements to research in fixed income markets is more
challenging than in equities markets despite the fact the fixed
income markets are less research-heavy.
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