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Exotix Separates Research, Broking Ops Pre-MiFID 

June 15, 2017

Reuters, New York Times

"Emerging markets-focused financial services firm Exotix said on Thursday it is "unbundling" its research and data services from the broking and investment banking divisions ahead of the upcoming regulatory overhaul of the securities trading industry.

Exotix, part-owned by Michael Spencer, founder of interdealer broker ICAP , said it is launching a standalone research, analytics and data division (RAD) to help European clients prepare for MiFID II - Markets in Financial Instruments Directive - regulation that takes effect in January.

One aspect of the new regulation is that investment banks must charge fund managers an explicit fee for research rather than bundling the cost into trading commissions charged to clients, as is the case at present."

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