If you still have question on how the research distribution model will evolve, here is a first answer. Macquarie is not one of the largest brokerage house in the world but it is not a tiny one either. And there move to a pay per use model will impact competitors. With Mifid 2 Asset managers will have the opportunity to pay for what they consume. That is major shift in the financial industry and one can bet that old fashioned broker model will be shaken deeper and more rapidly that anyone can at this stage anticipate it.