BlackRock and Peers Slash Research Budgets as New EU Rules Squeeze Brokers
BY JOSEPHINE MASON LONDON (Reuters) - BlackRock and other investment houses have slashed their budgets for external research by as much as half after the introduction of new European Union rules, piling pressure on stockbrokers, a senior executive at the world's top asset manager said on Tuesday. The EU's Markets in Financial Instruments Directive II, known as MiFID II, which took effect in January, states investment research must be priced separately from other broker services... Read more