Everyone wants to use AI, but no one trusts it
Flawed process persists though no one can really explain why
We’re Miffed Too
UK regulator says asset managers should be able to pay for ‘bundled’ research and trading fees
Brainstorming about unintended consequences is one thing AI cannot yet do
Work hard, fly hard
IB vs AI
But beauty gets the flows
Better information for savers can boost investment and revive London market
Wrangles loom between fund managers and their clients over who pays for the costs
U-turn by UK and EU may not be enough to convince investors to increase research spending
The declining volume and quality of analyst coverage should carry some of the blame for the City’s problems
Customers want value for money and rolling back transparency reforms will not change that
Financial institutions and data providers should not be able to prevent important studies from being published
Complaints about EU extraterritoriality draw ironic complaints
It is hard to justify this research as a revenue generator nowadays — it is more likely a marketing expense
Sellside tales of woe
The Substack model of sellside research
Did the Sheriff of Wall Street clean up equity research or create a new mess?
No, not *that* kind of black book
And whether research and trading payments should be split, à la Mifid
SEC shrugs off calls for longer exemption on changes governing investment research
Unwinding rules on the cost of research should be part of a package of broader reforms
Bye-bye, misleading FCI
“ChatGPT can probably already write the routine earnings preview and review as well as many sellside analysts”
