Author Laurent Dubois

 MiFID2 is moving the lines quickly. Here an overview of asset managers and the way they will deal with MiFID2 to manage their research costs. The consensus is today, for the ones that disclosed their final position, to absorb the research costs within their P&L…. It is important to note that major players like Invesco, Schroders or Union Investment finally change their mind in the last weeks to join the P&L approach. This is a major disruption for brokers, as AM will look at research cost with scrutiny. As corporate access can no longer be charge with research and has to be paid through P&L, we can bet that the global organization of roadshows and meeting between investors and corporates will change rapidly too.

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If you still have doubts about MiFID2 consequences on Corporate Access, read the following article. CA will be deeply impacted as it can no longer be considered as research. Implying that it will have to be paid directly by Asset Managers P&L. For corporates MiFID 2 will also have a huge impact as access to investors will be more and more difficult and analyst coverage will shrink. More importantly CA provided by 3rd parties players not providing other MiFID2 services is considered as the new best pratice. At MyDCA we off course provide a tool responding to these new legal constraints, as subscription is free for Corporates, Investors and our model is base on pay per use. If you need help or would like to have a demo of our platform, don’t hesitate to contact us. laurentdubois@mydca.eu

https://lnkd.in/dDE2t3R

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If you still have doubts about MiFID2 consequences on Corporate Access, read the following article. CA will be deeply impacted as it can no longer be considered as research. Implying that it will have to be paid directly by Asset Managers P&L. For corporates MiFID 2 will also have a huge impact as access to investors will be more and more difficult and analyst coverage will shrink. More importantly CA provided by 3rd parties players not providing other MiFID2 services is considered as the new best pratice. At MyDCA we off course provide a tool responding to these new legal constraints, as subscription is free for Corporates, Investors and our model is base on pay per use. If you need help or would like to have a demo of our platform, don’t hesitate to contact us. laurentdubois@mydca.eu

https://www.bloomberg.com/professional/blog/mifid-ii-overused-acronym-mean-day-day-ir-part-1/https://lnkd.in/dDE2t3R

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McKinsey is not always right… But they most of the time have a clear understanding and deep knowledge of financial industry trends. Two very interesting things in this article: 1- banks top line in equity brokerage is at major risk and it is the less we can say. It will have a major impact on stock coverage especially for small & mid-caps 2- more importantly corporate access is defined as a key service provided to investors. CA is definitely a crucial service for investors / corporates and at MyDCA we offer a conflict free, efficient and live service to help investors and corporate to organize their meetings with a free to subscribe and pay per use model .

https://www.bloomberg.com/news/articles/2017-06-21/banks-to-cut-1-2-billion-in-research-spending-mckinsey-says

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As stated in a recent survey by Greenwich Associates it appears that major Asset Managers will implement MiFID2 even if it is not mandatory in their country. Brokers too have the same approach. This position could be explained by the cost of implementation of various reporting tools in different regions that seems by far to expensive and complicated. Once again it shows that the impacts of MiFID2 are clearly underestimated. MiFID2 will change the landscape and relations between Corporates/Brokers and Asset Managers deeply in the coming months.

https://www.thetradenews.com/Buy-side/Global-buy-side-firms-to-adopt-MiFID-II-unbundling/

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What a surprise! It has long been known that few players were compliant with the unbundling of research and corporate access in the UK. But this news is very important. It highlights the determination of FCA to ban investors to use the money of their clients to pay for corporate access. This position confirms the strict understanding of unbundling and it will have impact on the long-awaited position of ESMA on Corporate Access and Research. Can Research and Corporate Access still be combined or not and more importantly on how these services can be paid by investors. Off course at MyDCA with have our understanding. Full unbundling will bring in the mid-term additional efficiency in the market and increased value for money spend by investors. The drama should end shortly now, with the ESMA position that will come soon. Investors and Corporates now only have 296 days left to organized themselves to face this once in a lifetime regulation change. Don’t hesitate to join our plateform www.mydca.eu or request a demo.

 

https://www.ft.com/content/d4aad4f2-002a-11e7-96f8-3700c5664d30

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