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IRP Survey: Impact of MiFID II on investment research

Welcome to the Survey 'Impact of MiFID II on Investment Research'

Introduction

Your participation is much appreciated!

If you have questions, please email admin@riskcontrollimited.com. The survey is available online until 30th June 2019.

Risk Control is conducting this survey on behalf of the European Commission (DG FISMA). The survey will be summarised in a study that Risk Control is preparing for the Commission entitled 'Impact of MiFID II Rules on SME and Fixed Income Investment Research'. Information on the European Commission tender award associated with this project may be found here.

It is expected that the report will be published after the project is completed in September 2019.
 
Data Confidentiality Notice

The results of the project will be included in anonymised and aggregated form in the final report. The identity of respondents to the survey will be known only to the Risk Control team involved in verifying the quality of the data and will not be reported to any body outside Risk Control. Data will be employed only as inputs to the study for the European Commission and all copies will be destroyed once the project is complete.

Session management

The surveys must be completed within a single browser session. When you have completed the survey, click the submit button and your data will be included in the survey. If your browser session ends before you have completed the survey, you will have to re-submit your data. If you wish to prepare your answers offline, you may find it convenient to use the PDF version of the questions that can be found here. You should then type your prepared responses into the online version of the survey.

Definitions

On the sell side, we distinguish between:
  • Global banks or investment banks (we define this based on the EU top ten equity underwriting institutions, namely Goldman Sachs, JP Morgan, Morgan Stanley, Citi, Bank of America Merrill Lynch, Deutsche Bank, UBS, Barclays, Credit Suisse, BNP Paribas)
  • Large banks or investment banks (defined as banks with assets greater than EUR 200 bn other than those listed above and investment banks other than those listed above) 
  • Mid-sized and small banks (defined as banks with assets below EUR 200 bn)
  • Global non-bank brokers (or brokers with non-significant banking activities) (defined as a non-bank broker active in multiple countries and with a broad international focus)
  • Other brokers
  • Large Independent Research Providers (IRPs) (30 employees or more)
  • Other IRPs (fewer than 30 employees).
We define Small and Medium Enterprises or SMEs to be firms with market capitalisation less than EUR 1bn.

In this sense, SMEs are a combination of Small Caps (EUR 200 mn to 1 bn), Micro Caps (EUR 50 mn to 200 mn), and Nano Caps (less than EUR 50 mn).

We define
• Large Cap firms are those with equity market capitalisation greater than EUR 5 bn
• Mid Cap firms are those with equity market capitalisation between EUR 1 bn to 5 bn

The term "Research" as used in the survey is defined in the broad sense not just "investment research" produced by a "research department".  "Research" here also means telephone, email and face-to-face interactions as well as written research.

"Credit research" is defined to include research covering corporate bonds and securitisations but not research related to instruments issued by sovereigns or public sector entities.


Please note that, in parallel to this survey, Risk Control is conducting one-hour structured interviews on the effects of MiFID II unbundling rules on investment research. If you would like to participate, please email admin@riskcontrollimited.com. In these interviews, we seek to understand respondents broader perspectives on the regulations and their impact on the market. All interviews are conducted on a confidential basis. 

Thank you!


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