US Institutional Equity Trading 2019 Unbundling: How Charging for Content Is Reshaping Asset Management

The unbundling of research from execution seems like a natural advancement. Who invests in highly trained, registered, and qualified personnel to create a product that is given away for free? But that is exactly how investment research has been provided since time immemorial. That is, until European regulators implemented the Markets in Financial Instruments Directive II (MiFID II) in January 2018. It’s a year and a half later, and TABB Group interviewed 92 head traders on the transition away from bundled research to see how it has impacted US asset managers. The verdict: Unbundling is in the process of changing the whole nature of investment research. This 29-page study, including 29 exhibits, looks at the impact of research unbundling on the US financial markets ecosystem.

To access the first four parts of  TABB's 2019 US Institutional Equity Trading bench mark reports, download:

Part I: US Institutional Equity Trading 2019 Liquidity: Blocks, Algos, Analytics, and Impact

Part II: US Institutional Equity Trading 2019 Trends: Is Active Management an Endangered Species?

Part III: US Institutional Equity Trading 2019: Broker League Tables

Part IV: US Institutional Equity Trading 2019 Market Structure: A Buy-Side Perspective