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Has the Mifid II research unbundling experiment succeeded or failed?
New moves to rollback on some unbundling for small caps hint at problems
Many of the early predictions for Mifid II were dire: boutique fund managers faced an ‘existential’ threat, warned Euro IRP, a trade body for European research providers; research quality would diminish following a drastic reduction in spending from fund management groups; areas such as small caps and fixed income could see worrying falls in coverage.
Initially, many of these problems appeared to be coming to pass.
In late 2019, a majority of providers surveyed by Euro IRP reported flat or falling revenues, with two-thirds of providers saying they had cut prices in the past 12 months.