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No doubts! research will definitely be paid by a vast majority through AM P&L. Man Group is the latest large house to have reverse its previous position.  They will finally absorb the cost of research within their P&L. How long will it take for Amundi and few others to change of position?

Read the very interesting FT article on the subject

https://www.ft.com/content/e94f6f16-b002-11e7-aab9-abaa44b1e130

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Fidelity just released its position on research costs under MiFID2, and they joined the camp of CSA/RPA lovers. More interestingly, they disclosed their new philosophy regarding costs charged to their clients, introducing a fix + variable part depending on performance. It is a major shift in the structure of fees that they intend to charge to clients. Fidelity is claiming that this new structure combined with MiFID 2 requirement will provide clients with an increased transparency regarding fees charged to them. Very interesting to see that Fidelity with this new approach clearly adopt a disruptive fees structure considering that active management of assets deserve in good years additional fees, but can no longer in bad years justify heavy fees. It is a way for Fidelity to put pressure on its peers regarding fees charged to clients but also to research providers as it could be understood that with lower base fees paid by clients the pressure on research pricing will be as high as if it was directly paid by the P&L of Fidelity.

http://citywireselector.com/news/fidelity-shifts-equity-funds-to-performance-related-fees/a1055393?re=49560&ea=503864&utm_source=BulkEmail_Global_Daily&utm_medium=BulkEmail_Global_Daily&utm_campaign=BulkEmail_Global_Daily

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Please have a look at are new website, that we just posted today. Registration is free and you will have access to a MiFID2 compliant platform dedicated to Corporate Access.

If you need a demo feel free to contact us.

laurentdubois@mydca.eu

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 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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