FCA Regulation Proposals Have Money Managers on Edge

Research is in the eye of the beholder, or so it seems from the varied reactions to the Financial Conduct Authority’s proposed regulations prohibiting U.K.-basedasset managers通过使用交易委员会来资助公司访问，数据源和其他经纪商品赞助的服务以及其他更改。亚博篮球怎么下串

“从我听到监管机构的逻辑是，资产经理应该支付这些成本，而不是客户，”观察一个投资组合经理，就匿名的条件说话。“我不同意这个。对我来说，企业访问服务至少与我的决策和投资过程一样有价值作为研究。这就是为什么我们支付经纪人提供服务。“

Another buy-sider who also requests that his name be withheld claims the proposal to itemize such fees would result in “needless paperwork” that would be of little interest to his clients. “Whatinvestors真正关心的是表演，“这款货币经理坚持。

金融服务管理局的继任机构组织的FCA接受了通过2月底就其提案的公众评论，目前正在审查收到的建议;它将在下个月发出更新的政策声明。但是，投资管理协会，伦敦的贸易组织制度和零售货币管理人员，其成员共同监督了约4.5万亿英镑（7.5万亿美元），以及美国的CFA社会已经发表了对FCA提案的回应。每个组织都表示一般支持监管机构改善市场诚信和促进公平竞争的目标，但批评其方法的各个方面。

“We think there are some issues that could bring inadvertent negative consequences,” explains Daniel Godfrey, chief executive officer of the IMA. However, his group agrees that corporate access fees should be unbundled from dealing commissions and believes that reactions to the regulator’s proposal have been overstated. “I don’t think the FCA’s direction of travel on corporate access is going to result in fund managers’ leaving the U.K.,” he says. “What they’re trying to do is improve the governance of that service.”

但它也可以大大减少流动销售侧研究业务的金额。FCA估计，公司接入费用约为2012年交易委员会支付的300亿英镑总额的5亿英镑。收入急剧下滑可能会促使许多经纪人削减股票覆盖范围减少研究部门的数量，critics warn.

Greater understanding of the FCA’s position may help ease market anxiety, according to Simon Greenwell, director of research for Europe, the Middle East and Africa at Bank of America Merrill Lynch in London. “We recognize that concierge service is not something that should be paid for out of commission dollars,” he says. “But we would argue that arranging a trip or an industry conference is valuable to investors, and we should get some recognition for putting it together.”

欧洲's Top Corporate Access
2014年提供者

Rank		Company	总团队 Positions		第一的 Team		第二 Team		第三 Team		Runners -up
2014年	2013年		2014年	2013年	2014年	2013年	2014年	2013年	2014年	2013年	2014年	2013年
1	2	美国银行 Merrill Lynch	18	26	10	6	4	5	1	8	3	7
2	1	德意志银行(Deutsche Bank)	17	29	6	9	2	10	2	5	7	5
2	3	UBS	17	22	1	2	5	5	7	6	4	9
4	3	摩根士丹利	15	22	3	6	6	7	2	2	4	7
5	5	J.P. Morgan Cazenove.	14	17	1	3	4	1	2	4	7	9
6	6	Barclays	13	11	2	4	1	1	5	1	5	5
7	6	Credit Suisse	7	11	0	0	0	0	0	3	7	8
8	8	Citi	5	9	0	0	0	1	1	2	4	6
9	11	桑福德伯恩斯坦	3	2	0	1	1	1	1	0	1	0
10	12	高盛 国际的	2	1	0	0	0	0	1	0	1	1

金钱经理肯定认识到该公司的努力。亚博赞助欧冠询问每年投票的购买私人All-Europe Research Teamsurvey to indicate which sell-side firms excel at arranging meetings with the region’s top executives, and this year we received responses from more than 700 investors at 422 institutions that collectively manage an estimated $3.6 trillion in European equities. BofA Merrill leads the lineup of Europe’s Top Corporate Access Providers this year after finishing in second in 2013, bumping Deutsche Bank down to share second place with last year’s No. 3 firm, UBS. Morgan Stanley slips from third to fourth, and J.P. Morgan Cazenove holds steady at No. 5.

FCA表示，它没有反对卖方公司“安排公司会议或货币管理人员”支付服务 - 甚至将费用传递给客户 - 只要披露这些费用。“目标是确保管理人员管理利益冲突，”戈弗雷解释道。“他们可能有很多客户受益于一系列研究，并且重要的是他们都公平地分享了该研究的成本。”

市场参与者之间的关键问题是其他新的regulations可以将基于U.K.的货币管理者在他们的全球同行的竞争劣势处，特别是如果FCA坚持更全面的菜单定价方法。“总体问题是为了确保委员会支付的过程中有严谨，并挑战研究付款与交易之间的联系，”格林威尔解释道。“例如，如果一个公司交易两倍于他人，那么它应该得到两倍的研究，即使它可能不需要那么多。监管机构似乎热衷于解决研究和交易之间的一对一联系。“

Philip Middleton, who composed BofA Merrill’s response to the proposed regulations (and also captains the crew that捕捉第三名在2014年全欧洲研究团队的专业和其他金融中，指出包装执行和研究成本是全球性现象。“如果U.K.甚至欧洲要单方面修改规定，以便分开现有的捆绑景观，这可能会推动许多竞争对手重组其业务，”基于伦敦的分析师争辩。“在一个极端的情景中，我们估计，在国内市场上申请全部分拆可能将基于U.K.的资产管理社区置于运行股权任务相对于基于非U.K.的竞争对手时的30％至40％的劣势。”

IMA声音类似的问题。其报告还想象一个交易委员会的市场结构的影响不会用于购买研究。The potential consequences include “loss of international competitiveness for U.K. financial services firms (unless change is internationally coordinated), a major reduction in research coverage of small and medium-size enterprises, and the raising of a barrier to entry for investment management start-up firms,” among others.

“这些担忧需要彻底审查，以确保在达成任何最终结论之前可以成功解决，”戈弗雷维护。“我们确实同意，重大关切将是监管制度的碎片，这将减少可在全球范围内进行交易的公司提供规模经济。”

If a wholesale restructuring of the research business model were to be undertaken, the IMA argues, it should be done on a global basis — with the Madrid-based International Organization of Securities Commissions coordinating the effort. Such an approach would solve a lot of problems, Greenwell agrees, but that’s not likely to happen.

“Servicing the U.S. buy side is what will drive the sell-side business model, because that’s where the majority of equity investors emanate from,” the BofA Merrill research director notes. “The U.S. is the single-largest market, with a larger pool of commissions because it’s a higher-turnover market.” So far, however, the U.S. Securities and Exchange Commission has shown no interest in this issue of unbundling, and neither IOSCO nor any other international organization can compel it — or any other securities regulator — to submit to a global standard.

While those in the U.K. financial services industry await the next word on new regulations, Godfrey says it’s important to remember that the FCA “does not have the appetite to damage the competitiveness of the London market — but if they believe there is a right way forward, then they would have an appetite to try to achieve a global solution. We look forward to working closely with them in the coming months and years.” • •