# What Is the Strategic Impact of Research Unbundling on an Asset Manager's Business Model? ▴ Question

**Published:** 2025-08-01
**Categories:** Question

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## Concept

The unbundling of investment research represents a fundamental re-architecting of the information supply chain within [asset management](https://prime.greeks.live/area/asset-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). It is a mandated shift from an opaque, bundled cost center to a transparent, explicit investment in intellectual capital. The regulation, particularly MiFID II in Europe, dismantled the long-standing practice of embedding the cost of [sell-side research](https://prime.greeks.live/area/sell-side-research/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) within trade execution commissions. This seemingly simple accounting change triggered a cascade of strategic consequences, forcing every asset manager to confront the true price and utility of the external intelligence that informs their investment decisions.

The business model of asset management, which has historically relied on a symbiotic, if conflicted, relationship with the sell-side, was irrevocably altered. The flow of information, the allocation of capital, and the very definition of value are now subject to a rigorous, quantifiable calculus.

At its core, the unbundling directive functions as a system-level intervention designed to isolate and expose conflicts of interest. Previously, an [asset manager](https://prime.greeks.live/question/how-can-a-hedge-fund-manager-effectively-conduct-due-diligence-on-a-potential-prime-broker/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)’s decision to route trades to a particular broker was influenced by the quality and quantity of research received, creating a potential incentive to trade more or with specific counterparties to “pay” for that research. This soft-dollar arrangement obscured the true cost of both execution and research, making it difficult for the end investor to understand what they were paying for.

By severing this link, regulators forced a new reality where research must be procured and paid for as a distinct service, either directly from the asset manager’s own revenues (P&L) or through a transparent [Research Payment Account](https://prime.greeks.live/area/research-payment-account/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RPA) funded by clients. This structural change compels a level of discipline and intentionality that was previously absent.

> The separation of research and execution costs is a catalyst for transforming an asset manager’s operational and intellectual framework.

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## The New Economics of Investment Intelligence

The immediate effect of this regulatory rewiring was a dramatic repricing of research. With explicit invoices arriving, [asset managers](https://prime.greeks.live/question/what-are-the-primary-challenges-for-asset-managers-in-complying-with-mifid-iis-transparency-regimes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) were compelled to conduct a firm-wide audit of their information consumption. This was not merely a cost-cutting exercise; it was a strategic re-evaluation of value. Managers had to develop internal frameworks to assess the marginal utility of each research subscription, each analyst call, and each proprietary report.

The question shifted from “who provides the best access?” to “whose insights generate measurable alpha?”. This economic pressure led to a contraction in overall research spending across the industry, as redundant or low-value sources were eliminated.

This new economic reality created a divergence in the market. Large asset managers, with their significant resources, could leverage their scale to negotiate favorable terms with [research providers](https://prime.greeks.live/question/in-what-ways-does-the-unbundling-of-research-costs-indirectly-influence-rfq-utilization/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and invest heavily in their own in-house analytical capabilities. They could build sophisticated procurement systems to track research consumption and measure its impact on performance. Smaller and mid-sized firms, however, faced a more acute challenge.

Lacking the same bargaining power and internal resources, they were disproportionately affected by the need to absorb research costs, placing direct pressure on their already tight operating margins. This has fueled a market dynamic that favors either massive scale or highly specialized, boutique expertise that can command a premium price for genuinely differentiated insights.

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## A Structural Shift in the Research Marketplace

The impact extends beyond the [buy-side](https://prime.greeks.live/area/buy-side/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to reshape the entire ecosystem of research production. Sell-side institutions, faced with a shrinking revenue pool for their research divisions, had to restructure their offerings. The era of providing broad, all-encompassing research as a relationship driver ended.

Instead, they moved towards tiered access models, premium services, and a greater focus on demonstrable expertise in specific sectors or asset classes. This has led to a concentration in the market, where top-ranked analysts and providers with a clear edge can thrive, while those in the middle are squeezed.

Simultaneously, the unbundling created an opening for independent research providers (IRPs). Free from the conflicts associated with trading desks, IRPs could position themselves as pure, unbiased sources of intelligence. Asset managers, now actively shopping for the best research at the best price, became a more accessible market for these independent firms.

The result is a more heterogeneous and competitive landscape for investment intelligence, where value is defined by the quality of the analysis, not the size of the provider’s balance sheet. The system, by design, has moved towards a state where the production and consumption of research are governed by more transparent and rational economic principles.

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## Strategy

Navigating the post-unbundling environment requires asset managers to design and implement a coherent, multi-faceted strategy. This is an exercise in operational architecture, demanding a systematic redesign of cost structures, procurement protocols, and the very philosophy of how a firm generates and consumes investment insights. The strategic objective is to transform a regulatory mandate into a competitive advantage by building a more efficient, transparent, and effective intelligence-gathering apparatus. This involves a series of deliberate choices about how to allocate resources, manage vendors, and structure the firm’s own analytical capabilities.

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## How Should an Asset Manager Architect a Research Payment Strategy?

The foundational strategic decision for any asset manager is determining the payment mechanism for [external research](https://prime.greeks.live/question/what-are-the-primary-security-differences-between-an-esb-and-an-api-gateway-for-external-connections/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This choice has significant implications for profitability, client relationships, and operational complexity. The two primary pathways are absorbing the cost directly through the firm’s Profit & Loss (P&L) statement or passing it on to clients via a [Research Payment](https://prime.greeks.live/question/in-what-ways-does-the-unbundling-of-research-costs-indirectly-influence-rfq-utilization/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Account (RPA).

The P&L model offers simplicity and competitive positioning. By paying for research out of its own revenues, the manager presents a clear, all-in fee to clients, absorbing the research cost as a business expense. This was the path taken by a majority of traditional asset managers in the initial phase of [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). It signals a strong alignment of interests with clients and can be a powerful marketing tool.

However, it directly compresses the firm’s operating margins. This path favors larger managers who can absorb the costs more easily due to economies of scale. The RPA model, conversely, maintains the principle of the end investor paying for the research that benefits them. It requires meticulous tracking, budgeting, and transparent disclosure to clients about the research being procured on their behalf.

While operationally more burdensome, it protects the manager’s P&L and forces a rigorous, client-aligned justification for every research dollar spent. The recent flexibility introduced by regulators like the FCA, allowing for a rebundling option under specific controls, adds another layer of strategic consideration, particularly for firms with global operations.

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## Comparative Analysis of Payment Models

The selection of a payment model is a function of the asset manager’s scale, client base, and competitive posture. A manager focused on institutional clients who demand granular transparency might favor an RPA, while a manager in a competitive retail market might opt for the simplicity of the P&L approach.

| Attribute | P&L Absorption Model | Research Payment Account (RPA) Model |
| --- | --- | --- |
| Cost Impact | Direct compression of the asset manager’s operating margin. Costs are treated as a direct business expense. | Protects the manager’s P&L as costs are funded by clients. Requires administrative overhead to manage the account. |
| Client Transparency | High-level transparency through a single management fee. The specific cost of research is opaque to the client. | Granular transparency. Clients receive detailed reports on research charges, providers used, and the associated benefits. |
| Operational Complexity | Relatively low. Involves standard procurement and accounting processes for a business expense. | High. Requires establishing budgets, tracking consumption per fund, managing payments, and extensive client reporting. |
| Competitive Positioning | Can be marketed as “all-in” pricing, demonstrating strong alignment of interest with clients. | Positions the manager as a fiduciary agent, meticulously managing client assets for specific, justifiable services. |

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## Developing a Robust Research Procurement Framework

The act of unbundling transforms research from a freely available byproduct of trading relationships into a procured service. This necessitates the creation of a formal procurement and vendor management function. The strategy here is to systematize the evaluation, selection, and ongoing assessment of all external research providers. This framework must be both qualitative and quantitative, capable of measuring the value delivered against the explicit cost.

The process begins with a comprehensive needs analysis. The firm must map its existing investment strategies to its informational requirements. What specific insights are needed to support the alpha generation process in each asset class or geographical focus?

With this map in hand, the manager can then survey the marketplace of providers, which includes sell-side banks, independent research firms, and data providers. The evaluation criteria must be rigorous.

- **Quality and Differentiation** ▴ Assessing the uniqueness, depth, and accuracy of the provider’s analysis. Does the research provide a genuine edge that is not widely available?

- **Access to Analysts** ▴ Evaluating the ability to engage directly with the analysts who produce the research. This direct interaction is often where the most value is derived.

- **Cost-Effectiveness** ▴ Analyzing pricing models (subscription, per-report, etc.) and negotiating terms that align with the perceived value and the firm’s budget.

- **Compliance and Operational Fit** ▴ Ensuring the provider can supply services in a manner consistent with the manager’s compliance and payment framework (e.g. invoicing for an RPA).

> A successful procurement strategy treats information as a raw material, subject to the same rigorous sourcing and quality control as any other critical input in the investment manufacturing process.

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## The Make versus Buy Decision Reimagined

[Research unbundling](https://prime.greeks.live/area/research-unbundling/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) forces a strategic re-evaluation of the role and scale of a firm’s internal, proprietary research team. The explicit cost of external research provides a clear benchmark against which to measure the ROI of in-house analysts. An asset manager must now make a calculated “make versus buy” decision for its intellectual capital. Does it make more economic sense to “buy” research on a particular sector from a top-ranked sell-side provider, or to “make” it by hiring an in-house analyst?

This decision is not purely financial. It touches upon the core identity and investment philosophy of the firm. A manager whose value proposition is based on deep, fundamental, proprietary research may choose to bolster its internal team, using external research as a supplementary input. This strategy aims to create a durable competitive advantage through unique, internally generated insights.

Conversely, a more quantitatively driven or trading-oriented firm might decide to maintain a lean internal team and strategically procure specialized external research and data feeds as needed. The optimal strategy is a hybrid model, where a strong internal team is augmented by a carefully curated portfolio of external providers, ensuring both a proprietary edge and broad market coverage without redundant spending.

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## Execution

The execution of an unbundled research strategy is a complex operational undertaking that requires the integration of new technologies, workflows, and governance structures. It moves the firm from a passive consumer of bundled services to an active manager of an intellectual capital supply chain. Success hinges on the ability to translate the firm’s high-level strategy into granular, repeatable, and auditable processes. This involves building a valuation framework, implementing robust budgeting and payment systems, and leveraging technology to track and optimize the entire research lifecycle.

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## Building a Quantitative Research Valuation Framework

To execute a value-driven procurement strategy, an asset manager must move beyond subjective opinions and implement a systematic framework for evaluating research. This framework should be a core component of the investment process, providing a feedback loop that continually refines the firm’s research spending. The objective is to create a scorecard for each research provider that combines qualitative judgments from portfolio managers with quantitative metrics.

- **Define Key Performance Indicators (KPIs)** ▴ Establish a clear set of metrics to score providers. This should include both qualitative factors (e.g. quality of analysis, responsiveness, originality of ideas) and quantitative factors (e.g. accuracy of forecasts, performance of stock recommendations).

- **Implement a [Broker Voting System](https://prime.greeks.live/area/broker-voting-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ Use a technology platform where portfolio managers and analysts regularly score the research providers they interact with. The voting should be structured around the defined KPIs and weighted based on the user’s role and AUM.

- **Track Consumption and Interaction** ▴ Log every significant interaction with a research provider, including reports read, calls with analysts, and meetings attended. This data provides an objective measure of engagement, which can be correlated with the subjective scores.

- **Link Research to Performance** ▴ The most advanced step is to attribute investment performance to specific research inputs. This can be challenging but is the ultimate goal. It may involve tagging trades with the research that informed the decision, allowing for post-trade analysis of the research provider’s impact on P&L.

- **Regular Review and Budget Allocation** ▴ The data from the valuation framework should be reviewed quarterly or semi-annually by a research committee. This committee, comprising senior investment staff and business managers, uses the scorecards to make data-driven decisions on budget allocation, renewing valuable subscriptions and terminating underperforming ones.

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## Data Table a Research Provider Scorecard

This table provides a hypothetical example of a quantitative scorecard used to evaluate research providers. The weights can be adjusted based on the firm’s priorities (e.g. a firm focused on long-term value might weight “Quality of Analysis” higher than “Idea Generation Frequency”).

| Provider | Provider Type | Qualitative Score (out of 5) | Analyst Access Score (out of 5) | Consumption Metric (Interactions/Month) | Weighted Value Score | Annual Cost | Cost/Value Ratio |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Bank A | Global Sell-Side | 4.2 | 4.5 | 55 | 4.35 | $500,000 | 114,942 |
| Boutique IRP B | Independent | 4.8 | 4.9 | 15 | 4.75 | $150,000 | 31,579 |
| Bank C | Regional Sell-Side | 3.5 | 3.2 | 40 | 3.45 | $250,000 | 72,464 |
| Data Provider D | Quantitative Data | 4.0 | 2.5 | 120 (API Calls) | 3.80 | $200,000 | 52,631 |

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## What Is the Optimal Technological Architecture for Research Management?

Effective execution of an unbundled research strategy is heavily dependent on the right technology stack. The goal is to create a seamless architecture that supports the entire research lifecycle, from discovery and consumption to valuation and payment. A manual, spreadsheet-based approach is insufficient for meeting the operational and compliance demands.

- **Research Payment Account (RPA) Management Systems** ▴ For firms using the RPA model, a dedicated system is essential. These platforms manage the collection of research charges from client funds, track the [research budget](https://prime.greeks.live/question/in-what-ways-does-the-unbundling-of-research-costs-indirectly-influence-rfq-utilization/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and handle the payment to providers. They also generate the detailed client reports required for compliance.

- **Entitlement and Consumption Tracking** ▴ These tools control access to research content based on subscriptions and log user activity. They provide the granular data needed for the consumption metrics in the valuation framework, showing who is reading what and how often. This helps eliminate redundant subscriptions and ensures the firm is paying only for what it uses.

- **Broker Voting and Evaluation Platforms** ▴ As mentioned, these systems are critical for capturing the qualitative judgments of the investment team. They provide a structured, auditable workflow for scoring providers, replacing informal email chains and conversations.

- **Integration Layer** ▴ The true power of the technology stack comes from integration. The consumption tracking system should feed data into the evaluation platform, which in turn provides the inputs for the RPA and budgeting system. This creates a unified data environment for managing research as a strategic asset.

![A central processing core with intersecting, transparent structures revealing intricate internal components and blue data flows. This symbolizes an institutional digital asset derivatives platform's Prime RFQ, orchestrating high-fidelity execution, managing aggregated RFQ inquiries, and ensuring atomic settlement within dynamic market microstructure, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-system-facilitating-high-fidelity-rfq-protocol-optimization-for-best-execution-and-atomic-settlement.jpg)

## Executing the Research Budget and Payment Process

The annual research budget is the primary tool for executing the firm’s research strategy. The process should be a collaborative, bottom-up and top-down exercise.

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## Data Table B Hypothetical Annual Research Budget

This table illustrates a simplified research budget for a multi-strategy asset manager, demonstrating how funds are allocated based on strategic priorities and payment models.

| Research Category | Allocation | Payment Method | Justification/Objective |
| --- | --- | --- | --- |
| Global Sell-Side (Core) | $1,200,000 | 70% RPA, 30% P&L | Broad market coverage, corporate access, and macroeconomic insights. Essential for core strategies. |
| Independent Providers (Alpha-Gen) | $600,000 | 50% RPA, 50% P&L | Targeted, high-conviction ideas in niche sectors. Seeking differentiated, non-consensus research. |
| Quantitative Data Feeds | $450,000 | 100% P&L | Systematic inputs for quantitative models. Considered a core operational technology expense. |
| Expert Networks | $250,000 | 100% RPA | Project-based deep dives and due diligence for private equity and special situation strategies. |
| Total Budget | $2,500,000 | N/A | Represents a 15% reduction from the previous year’s estimated bundled spend. |

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## References

- Oliver Wyman. “MiFID II ▴ Assessing The Impact Of Research Unbundling.” 2017.

- The TRADE. “Is research bundling really back? What asset managers need to know about the FCA’s new rules.” 2024.

- Financial Conduct Authority. “Implementing MiFID II ▴ multi-firm review of research unbundling reforms.” 2019.

- Evans, R. et al. “MiFID II Research Unbundling ▴ Cross-border Impact on Asset Managers.” University of Mannheim, 2024.

- European Securities and Markets Authority. “SMSG Advice on Research provisions under the MiFID II framework.” 2025.

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## Reflection

The structural separation of research and execution was more than a regulatory update; it was a fundamental change to the operating system of asset management. It compels a conscious and continuous evaluation of a firm’s most critical input ▴ information. The frameworks and systems detailed here provide a blueprint for navigating this new terrain. They offer a mechanism for imposing order and discipline on the procurement of intellectual capital.

![Intersecting muted geometric planes, with a central glossy blue sphere. This abstract visualizes market microstructure for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-5.jpg)

## Is Your Information Supply Chain an Asset or a Liability?

Ultimately, the challenge is to build an information architecture that is not merely compliant, but competitively potent. This requires looking beyond the immediate pressures of cost management and viewing the research function as an integrated component of the firm’s alpha generation engine. The processes for valuing, procuring, and consuming research should be as robust and sophisticated as the investment strategies they are designed to support. The true measure of success in this unbundled world is the degree to which an asset manager can transform a stream of external data and opinion into a unique, proprietary, and performance-driving perspective.

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## Glossary

<a href="https://prime.greeks.live/area/sell-side-research/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Sell-Side Research

Meaning ▴ Sell-Side Research comprises analytical reports and investment recommendations produced by brokerage firms and investment banks, known as the "sell-side," for distribution to their institutional clients. </a><a href="https://prime.greeks.live/area/asset-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise geometric prism reflects on a dark, structured surface, symbolizing institutional digital asset derivatives market microstructure. This visualizes block trade execution and price discovery for multi-leg spreads via RFQ protocols, ensuring high-fidelity execution and capital efficiency within Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-precision-execution.jpg)

## Asset Management

Meaning ▴ Asset Management, within the context of the burgeoning crypto ecosystem, denotes the professional oversight and strategic deployment of digital assets, including cryptocurrencies, stablecoins, and tokenized securities, on behalf of individual or institutional investors. </a><a href="https://prime.greeks.live/question/how-can-a-hedge-fund-manager-effectively-conduct-due-diligence-on-a-potential-prime-broker/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Translucent, multi-layered forms evoke an institutional RFQ engine, its propeller-like elements symbolizing high-fidelity execution and algorithmic trading. This depicts precise price discovery, deep liquidity pool dynamics, and capital efficiency within a Prime RFQ for digital asset derivatives block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-14.jpg)

## Asset Manager

Effective prime broker due diligence is the architectural design of a core dependency, ensuring systemic resilience and capital efficiency. </a><a href="https://prime.greeks.live/area/research-payment-account/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Metallic, reflective components depict high-fidelity execution within market microstructure. A central circular element symbolizes an institutional digital asset derivative, like a Bitcoin option, processed via RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution.jpg)

## Research Payment Account

Meaning ▴ A Research Payment Account (RPA) is a dedicated funding mechanism used by asset managers to pay for investment research services, separating these costs from execution commissions. </a><a href="https://prime.greeks.live/question/what-are-the-primary-challenges-for-asset-managers-in-complying-with-mifid-iis-transparency-regimes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered metallic and glass system depicts the core of an Institutional Grade Prime RFQ, facilitating high-fidelity execution for Digital Asset Derivatives. Transparent layers represent visible liquidity pools and the intricate market microstructure supporting RFQ protocol processing, ensuring atomic settlement capabilities](https://options.greeks.live/wp-content/uploads/2025/08/robust-institutional-digital-asset-derivatives-trading-platform-for-optimized-rfq-protocol-execution-and-deep-liquidity-access.jpg)

## Asset Managers

MiFID II compliance demands a systemic re-architecture of data and execution protocols to achieve continuous, high-fidelity transparency. </a><a href="https://prime.greeks.live/question/in-what-ways-does-the-unbundling-of-research-costs-indirectly-influence-rfq-utilization/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Stacked, modular components represent a sophisticated Prime RFQ for institutional digital asset derivatives. Each layer signifies distinct liquidity pools or execution venues, with transparent covers revealing intricate market microstructure and algorithmic trading logic, facilitating high-fidelity execution and price discovery within a private quotation environment](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-framework.jpg)

## Research Providers

The unbundling of research costs heightens information risk, making the RFQ protocol a vital tool for discreet liquidity sourcing. </a><a href="https://prime.greeks.live/area/buy-side/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sharp, transparent, teal structures and a golden line intersect a dark void. This symbolizes market microstructure for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-execution-leveraging-granular-market-microstructure-intelligence.jpg)

## Buy-Side

Meaning ▴ Buy-Side refers to financial institutions and investment entities that acquire securities and assets for their own accounts or on behalf of their clients, such as hedge funds, asset managers, pension funds, and sovereign wealth funds. </a><a href="https://prime.greeks.live/question/what-are-the-primary-security-differences-between-an-esb-and-an-api-gateway-for-external-connections/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent glass bar, representing high-fidelity execution and precise RFQ protocols, extends over a white sphere symbolizing a deep liquidity pool for institutional digital asset derivatives. A small glass bead signifies atomic settlement within the granular market microstructure, supported by robust Prime RFQ infrastructure ensuring optimal price discovery and minimal slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-execution-prime-os-intelligence-layer-facilitating-optimal-price-discovery-and-best-execution.jpg)

## External Research

An API Gateway provides perimeter defense for external threats; an ESB ensures process integrity among trusted internal systems. </a><a href="https://prime.greeks.live/question/in-what-ways-does-the-unbundling-of-research-costs-indirectly-influence-rfq-utilization/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstractly depicting an institutional digital asset derivatives trading system. Intersecting beams symbolize cross-asset strategies and high-fidelity execution pathways, integrating a central, translucent disc representing deep liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-ecosystem-unifying-rfq-protocols-for-high-fidelity-execution-and-deep-liquidity-aggregation-across-multi-leg-spreads.jpg)

## Research Payment

The unbundling of research costs heightens information risk, making the RFQ protocol a vital tool for discreet liquidity sourcing. </a><a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A cutaway view reveals an advanced RFQ protocol engine for institutional digital asset derivatives. Intricate coiled components represent algorithmic liquidity provision and portfolio margin calculations](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-digital-asset-derivatives-core-internal-mechanism-visualized.jpg)

## Mifid Ii

Meaning ▴ MiFID II (Markets in Financial Instruments Directive II) is a comprehensive regulatory framework implemented by the European Union to enhance the efficiency, transparency, and integrity of financial markets. </a><a href="https://prime.greeks.live/area/research-unbundling/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic rod, symbolizing a high-fidelity execution pipeline, traverses transparent elements representing atomic settlement nodes and real-time price discovery. It rests upon distinct institutional liquidity pools, reflecting optimized RFQ protocols for crypto derivatives trading across a complex volatility surface within Prime RFQ market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trade-execution-pipeline-optimizing-rfq-protocols-for-best-execution-and-capital-efficiency.jpg)

## Research Unbundling

Meaning ▴ Research Unbundling refers to the regulatory requirement, notably under MiFID II, that separates the payment for investment research from the payment for execution services. </a><a href="https://prime.greeks.live/area/broker-voting-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent sphere, representing a granular digital asset derivative or RFQ quote, precisely balances on a proprietary execution rail. This symbolizes high-fidelity execution within complex market microstructure, driven by rapid price discovery from an institutional-grade trading engine, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-precision-1.jpg)

## Broker Voting System

Meaning ▴ A Broker Voting System within the financial sector refers to a structured process through which asset managers or institutional investors formally evaluate the quality and value of services provided by brokerage firms. </a><a href="https://prime.greeks.live/question/in-what-ways-does-the-unbundling-of-research-costs-indirectly-influence-rfq-utilization/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent sphere, representing a digital asset option, rests on an aqua geometric RFQ execution venue. This proprietary liquidity pool integrates with an opaque institutional grade infrastructure, depicting high-fidelity execution and atomic settlement within a Principal's operational framework for Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-prime-os.jpg)

## Research Budget

The unbundling of research costs heightens information risk, making the RFQ protocol a vital tool for discreet liquidity sourcing. </a>

**Tags:** [MiFID II](https://options.greeks.live/area/mifid-ii/), [Soft Dollar Arrangements](https://options.greeks.live/area/soft-dollar-arrangements/), [Research Valuation Framework](https://options.greeks.live/area/research-valuation-framework/), [Buy-Side](https://options.greeks.live/area/buy-side/), [Asset Management](https://options.greeks.live/area/asset-management/), [Asset Management Business Model](https://options.greeks.live/area/asset-management-business-model/)	

## Discover More

- 
### [SEC Approves First Multi-Asset Crypto ETP from Grayscale](https://options.greeks.live/news/sec-approves-first-multi-asset-crypto-etp-from-grayscale/)
![Two distinct modules, symbolizing institutional trading entities, are robustly interconnected by blue data conduits and intricate internal circuitry. This visualizes a Crypto Derivatives OS facilitating private quotation via RFQ protocol, enabling high-fidelity execution of block trades for atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-engine-interconnect-for-optimal-rfq-execution.jpg)

This regulatory approval unlocks a new, streamlined institutional gateway to a diversified basket of large-cap digital assets.

- 
### [What Are the Key Differences in Best Execution Requirements between the UK and the EU Now?](https://options.greeks.live/question/what-are-the-key-differences-in-best-execution-requirements-between-the-uk-and-the-eu-now/)
![A translucent blue algorithmic execution module intersects beige cylindrical conduits, exposing precision market microstructure components. This institutional-grade system for digital asset derivatives enables high-fidelity execution of block trades and private quotation via an advanced RFQ protocol, ensuring optimal capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-core-execution-architecture-intelligence-layer.jpg)

UK and EU best execution rules now diverge on reporting, with the UK favouring internal evidence over the EU's prescribed reports.

- 
### [What Technological Protocols Facilitate Cross-Jurisdictional Block Trade Reporting Compliance?](https://options.greeks.live/question/what-technological-protocols-facilitate-cross-jurisdictional-block-trade-reporting-compliance/)
![Abstract geometric representation of an institutional RFQ protocol for digital asset derivatives. Two distinct segments symbolize cross-market liquidity pools and order book dynamics. A central, illuminated conduit signifies high-fidelity execution, price discovery, and algorithmic trading within a Principal's operational framework, optimizing block trade settlement and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-2.jpg)

Sophisticated protocols forge a resilient data conduit for cross-jurisdictional block trade reporting, ensuring compliant, low-latency execution.

- 
### [How Do Global Regulatory Frameworks Address Cross-Border Decentralized Block Trade Reporting?](https://options.greeks.live/question/how-do-global-regulatory-frameworks-address-cross-border-decentralized-block-trade-reporting/)
![Precision-engineered institutional grade components, representing prime brokerage infrastructure, intersect via a translucent teal bar embodying a high-fidelity execution RFQ protocol. This depicts seamless liquidity aggregation and atomic settlement for digital asset derivatives, reflecting complex market microstructure and efficient price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-prime-os-core.jpg)

Global regulatory frameworks adapt to cross-border decentralized block trade reporting by formalizing reporting entities and leveraging DLT for enhanced transparency.

- 
### [How Has MiFID II Reshaped the Competitive Landscape for Brokers?](https://options.greeks.live/question/how-has-mifid-ii-reshaped-the-competitive-landscape-for-brokers/)
![A segmented circular diagram, split diagonally. Its core, with blue rings, represents the Prime RFQ Intelligence Layer driving High-Fidelity Execution for Institutional Digital Asset Derivatives. Outer segments denote RFQ protocols and order flow pathways, reflecting Market Microstructure for Private Quotation.](https://options.greeks.live/wp-content/uploads/2025/08/high-speed-prime-os-rfq-digital-asset-derivatives-trade-execution.jpg)

MiFID II re-architected the broker landscape by mandating service unbundling and data transparency, forcing a strategic split between scale-driven SIs and niche specialists.

- 
### [Can the Use of Proprietary Capital by an OTF Operator Create a Conflict of Interest?](https://options.greeks.live/question/can-the-use-of-proprietary-capital-by-an-otf-operator-create-a-conflict-of-interest/)
![A precision engineered system for institutional digital asset derivatives. Intricate components symbolize RFQ protocol execution, enabling high-fidelity price discovery and liquidity aggregation. This advanced market microstructure facilitates multi-leg spread strategies within a robust prime brokerage operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-4.jpg)

The use of proprietary capital by an OTF operator is a structurally managed conflict, prohibited by default to ensure client protection.

- 
### [How Has MiFID II’s Research Unbundling Affected Small-Cap Stock Valuations?](https://options.greeks.live/question/how-has-mifid-iis-research-unbundling-affected-small-cap-stock-valuations/)
![A central teal column embodies Prime RFQ infrastructure for institutional digital asset derivatives. Angled, concentric discs symbolize dynamic market microstructure and volatility surface data, facilitating RFQ protocols and price discovery. Small fasteners denote precise atomic settlement and high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-alpha-generation-execution.jpg)

MiFID II's research unbundling recalibrated small-cap valuations by reducing analyst coverage, thereby increasing the premium on liquidity and proprietary analysis.

- 
### [Institutional Ethereum ETFs Record Unprecedented Weekly Capital Outflow](https://options.greeks.live/news/institutional-ethereum-etfs-record-unprecedented-weekly-capital-outflow/)
![A polished, dark spherical component anchors a sophisticated system architecture, flanked by a precise green data bus. This represents a high-fidelity execution engine, enabling institutional-grade RFQ protocols for digital asset derivatives. It embodies the precision of private quotation and efficient latent liquidity aggregation within market microstructure, crucial for optimal capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-core.jpg)

The institutional fund architecture for digital assets displays stress, revealing tactical re-positioning by major capital allocators.

- 
### [What Regulatory Considerations Impact Algorithmic Block Trade Execution in Global Markets?](https://options.greeks.live/question/what-regulatory-considerations-impact-algorithmic-block-trade-execution-in-global-markets/)
![A sophisticated, layered circular interface with intersecting pointers symbolizes institutional digital asset derivatives trading. It represents the intricate market microstructure, real-time price discovery via RFQ protocols, and high-fidelity execution. The design evokes quantitative analysis, smart order routing, and the intelligence layer of a Prime RFQ for capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-market-microstructure.jpg)

Navigating algorithmic block trades demands precise regulatory adherence and technological mastery for optimal execution and market integrity.

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                "text": "Ultimately, the challenge is to build an information architecture that is not merely compliant, but competitively potent. This requires looking beyond the immediate pressures of cost management and viewing the research function as an integrated component of the firm's alpha generation engine. The processes for valuing, procuring, and consuming research should be as robust and sophisticated as the investment strategies they are designed to support. The true measure of success in this unbundled world is the degree to which an asset manager can transform a stream of external data and opinion into a unique, proprietary, and performance-driving perspective."
            }
        }
    ]
}
```


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**Original URL:** https://options.greeks.live/question/what-is-the-strategic-impact-of-research-unbundling-on-an-asset-managers-business-model/
