In a post-Mifid II world, investment firms and independent researchers reveal that the most likely replacement for large in-house research departments at banks may well be AI. As the new directive forces the buyside to rethink its research consumption, here top asset managers reveal the technology they're exploring
Bankers, independent researchers and lawyers still have questions regarding the costs of unconnected research ahead of the UK’s new IPO rules. All the market participants that spoke to Practice Insight were still confused about the logistics, with only a month to go before implementation
As firms consider the options proposed by regulators, bankers are concerned that early access for external researchers poses a confidentiality breach. But unconnected analysts push back, arguing that it’s on banks to prove they haven’t promised favourable research in exchange for a syndicate position
Market participants call the LSE's new three-month Sonia an "irrelevant" index that no one is using, as enduring ambiguity about the future of benchmarks begins to affect long-dated floating rate bond sales. Here firms reveal the fall-back provisions they are exploring in documentation, though unsurprisingly, there's little consensus
The market is lobbying for CoCo changes. Issuers want to see greater clarity and more harmonisation from regulators, while both buy and sellside are calling for the equity conversion trigger to move higher. Here both buy and sellside sources explain why introducing a higher mandatory threshold would help, while others would like to see a whole new type of AT1..
In a low interest rate environment the high risk products should be flying off the shelves, but despite initial interest, investors and issuers are increasingly seeing them as a structural and procedural minefield. Both sides are turning towards other forms of bail-in debt such as TLAC bonds. Here portfolio managers and in-house bank debt specialists explain why
