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.