[ R E S E A R C H
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U N B U N D L I N G ]
Reviving
research in an
unbundled world
As the AMF in France looks to revive the declining research
market in Europe under unbundling, David Whitehouse finds
that providers who can supply high-quality ESG research
could be the winners of an upcoming review of MiFID II.
A
recent move by the Autorité des Marchés
Financiers (AMF) in France to create a virtual
marketplace to improve the quality of
financial research has drawn short shift from
investors just starting to find ways of navigating the
MiFID II regulations introduced in January 2018.
The proposal would do “very little” to fix the unit
economics for sell-side brokerages, argues Mark
Pacitti, founder and managing director at primary
research specialist, Woozle Research, based in
London. Neither will it make markets more liquid for
40 // TheTRADE // Spring 2020