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“This Just Feels Like Death”: Analysts Flee Research Positions Amid MiFID II Changes

For the past couple of months, we’ve frequently shared our views that Europe’s MiFID II regulations, which force investment banks to charge for equity research instead of “giving it away” in return for trading commissions, could be a wake up call for 1,000’s of highly paid research analysts who were about to have their true […]


Death Of The Salesmen – Mifid II Strikes Again

Now they tell us… The imminent prospect – January 2018 – of Mifid II, with the unbundling of research costs, was bad enough in terms of complexity and lower profitability for both the buy and sell sides…never mind disastrous for the analysts who are likely lose their jobs. Now the regulatory powers that be in […]


The Truth About Wall Street Analysis

Authored by Lance Roberts via RealInvestmentAdvice.com, Turn on financial television or pick up a financially related magazine or newspaper and you will hear, or read, about what an analyst from some major Wall Street brokerage has to say about the markets or a particular company. For the average person, and for most financial advisors, this […]


How Much Is Equity Research Actually Worth? Probably Less Than You Thought

Over the past several months, investment banks all across Europe have scrambled to put a price tag on their equity research after years of giving it way as a ‘freebie’ in return for trading commissions. Of course, for wall street’s titans of finance, you know, the same guys who will look you straight in the […]


Would You Pay $2,500 For One Hour With An Equity Analyst? This I-Bank Seems To Think So…

Wall Street equity analysts are paid ‘yuge’ salaries to employee the finance skills they picked up from their business school professors to value various corporate securities and asset-backed securitization structures, among other things.  And while their valuations of those securities have served as a frequent source of comic relief for many of us over the […]


New Robot Equity Analyst Hits Facebook And Google With A Sell Rating

It should come as a surprise to precisely no one reading this post that wall street equity analysts have a ‘slight’ bias toward “Buy” ratings.  After all, equity analysts aren’t really in the business of helping clients make buy/sell decisions, their only real value comes from acting as an intermediary to setup the coveted 1×1’s […]


Macquarie Identifies The Winners And Losers Of MiFID II

Macquarie’s equity research team has just offered up a valuable economics lesson which seems to perfectly, if inconveniently, explain why their business model is doomed by the upcoming implementation of MiFID II.  So what happens when you compete in a ‘slightly’ fragmented market (see below) to sell a highly commoditized product to a customer that […]


Sticker Shock: Small Hedge Funds Seen Ditching I-Banking Research Under MiFID

For the past several months we’ve discussed many theories about how the new MiFID II rules in Europe might drastically change the investment banking research business model.  For those who haven’t followed this narrative, MiFID II is a new set of regulations in Europe that requires investment banks to charge separately for research as opposed […]


Deutsche Bank Forced To Slash Fixed-Income Research Price By Half On Lackluster Demand

One by one over the past several months, Europe’s largest investment banks have each rolled out their new pricing models detailing how they’ll charge for research in 2018 once the new MiFID II regulations go into effect.  Pricing strategies have varied from expensive all-in packages costing nearly $500,000 a year to pay-as-you-go plans that charge […]


Would You Pay $1,000 For Each Equity Research Piece You Read? Autonomous Research Thinks You Will

Would you pay $1,000 for each piece of equity research you read throughout the day?  How about $5,000 for an industry piece?  Well, Autonomous Research, which was founded in 2009 by former Merrill Lynch analysts, is really hoping you’ll agree that those are appropriate clearing prices for their daily market wisdom.  According to Bloomberg, as […]