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NEX Group, (formerly Icap), invested in a RSRCHXchange, a London-based startup that runs an online marketplace for research on stocks, Markets in Financial Instrument Directive (Mifid II) and pressure on asset management fees spur innovation in the equity research sector.
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Under Mifid II, asset managers will have to pay for research out of their own pocket, increasing demand for tools that can help vet the quality of the research, assess its value and manage payments. Brokers have traditionally "bundled" the cost of research with trading commissions. On top of regulatory changes, asset managers have been under pressure to cut fees due to weaker returns, making them more selective about how they spend their research dollars.
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