MIFID II – FREE RESEARCH FOR EVERYONE? – With the FCA having published their second MiFiD II Implementation Policy Statement, a huge 1068 page publication, it seems as if the Buy-Side are able to receive a trial for research for up to 3 months from each provider, within a 12 month period. Whilst we understand that most buy-side firms use a select number of analysts per sector, are we not opening ourselves up for the opportunity of sell-side research being taken advantage of? Taking the Banks sector as an example, would it not be conceivable that a Hedge Fund or Asset Manager can use research from the likes of Autonomous, KBW & Mediobanca, and pair this with research from Exane, Morgan Stanley, JP Morgan etc. and mix and match every 3 months? Admittedly, the banks would surely need to be confident that they would eventually receive, or at least possibly receive, future payment from these companies to give away their research to start with. In any case, this could surely lead to a situation of try before you buy, where the buyer can get free research across the whole market between 12-24 months. More to discuss on this topic for certain. #SpartanInternational