# What New Business Models Have Emerged for Sell-Side Research Providers Post-MiFID II? ▴ Question

**Published:** 2025-08-13
**Categories:** Question

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![A teal-blue disk, symbolizing a liquidity pool for digital asset derivatives, is intersected by a bar. This represents an RFQ protocol or block trade, detailing high-fidelity execution pathways](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-high-fidelity-digital-asset-execution.jpg)

## Concept

The operational recalibration of [sell-side research](https://prime.greeks.live/area/sell-side-research/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) following the implementation of the Markets in Financial Instruments Directive II (MiFID II) represents a fundamental restructuring of the information value chain within capital markets. The directive’s mandate to unbundle research payments from execution commissions dismantled a decades-old economic model. This was not a minor adjustment; it was a systemic rewiring that shifted the basis of competition from a model rooted in relationships and bundled economics to one predicated on demonstrable, quantifiable, and transparently priced [intellectual property](https://prime.greeks.live/question/how-does-the-use-of-explainable-ai-impact-the-intellectual-property-of-proprietary-trading-models/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). For the sell-side provider, research ceased to be a component of a broader service offering and became a standalone product, subject to the direct economic scrutiny of its consumers.

This transition established a new market dynamic where the economic value of research is determined through explicit contracting rather than implicit allocation. The previous system, often utilizing “soft dollars,” created an environment where the true cost and consumption of research were opaque. [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) introduced a paradigm of precision and accountability. [Asset managers](https://prime.greeks.live/question/what-are-the-primary-operational-bottlenecks-that-t1-exposes-for-asset-managers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) were compelled to establish formal research budgets and, in many cases, absorb these costs onto their own profit and loss statements, a stark departure from passing them through to end investors via trading commissions.

The immediate consequence was a profound shift in the [buy-side](https://prime.greeks.live/area/buy-side/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)’s procurement calculus. Every research product, from a brief market update to an in-depth initiation-of-coverage report or a direct call with an analyst, acquired a discrete price tag. This pricing imperative forced a level of introspection and value assessment that was previously absent, compelling asset managers to define precisely what research they needed and what they were willing to pay for it.

> The unbundling mandate of MiFID II transformed investment research from a service bundled with trade execution into a distinct, explicitly priced intellectual product.

For the sell-side, this new reality necessitated a complete re-architecting of their research delivery and monetization frameworks. The challenge extended beyond simply assigning a price to existing products. It required the development of systems capable of tracking consumption, managing entitlements, and providing the granular data necessary for clients to justify their expenditures. The focus moved toward demonstrating a clear return on investment for the capital allocated to research.

This systemic pressure triggered a period of intense innovation and consolidation, forcing providers to redefine their value proposition and build new operational capabilities to survive and thrive in an unbundled world. The era of research as a loss leader, subsidized by trading flows, had definitively ended, replaced by a marketplace demanding tangible, measurable analytical alpha.

![Modular institutional-grade execution system components reveal luminous green data pathways, symbolizing high-fidelity cross-asset connectivity. This depicts intricate market microstructure facilitating RFQ protocol integration for atomic settlement of digital asset derivatives within a Principal's operational framework, underpinned by a Prime RFQ intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/modular-high-fidelity-execution-architecture-for-institutional-digital-asset-derivatives-rfq-protocol-integration-and-principals-operational-framework-optimization.jpg)

![A precise central mechanism, representing an institutional RFQ engine, is bisected by a luminous teal liquidity pipeline. This visualizes high-fidelity execution for digital asset derivatives, enabling precise price discovery and atomic settlement within an optimized market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-core-execution-system-1.jpg)

## Strategy

In the post-MiFID II environment, sell-side research providers have been compelled to adopt new strategic frameworks for the creation, packaging, and monetization of their intellectual property. The dismantling of the bundled commission model acted as a catalyst, forcing a strategic bifurcation between firms that compete on scale and breadth and those that compete on specialized expertise and depth. The emergent business models are a direct response to the buy-side’s need for price transparency and justifiable value. These models can be broadly categorized, though many providers employ a hybrid approach to service different client tiers and needs.

![Transparent conduits and metallic components abstractly depict institutional digital asset derivatives trading. Symbolizing cross-protocol RFQ execution, multi-leg spreads, and high-fidelity atomic settlement across aggregated liquidity pools, it reflects prime brokerage infrastructure](https://options.greeks.live/wp-content/uploads/2025/07/cross-protocol-rfq-execution-digital-asset-derivatives-microstructure-system.jpg)

## The Subscription Access Model

A prevalent strategic response has been the development of subscription-based services. This model provides clients with access to a wide range of research products for a fixed, recurring fee. The strategic appeal of this approach lies in its predictability of revenue for the provider and budget certainty for the client. Within this category, several variations have appeared:

- **All-You-Can-Eat (AYCE)** ▴ This tier offers unlimited access to all of a provider’s written research, analyst calls, and sometimes corporate access events for a single, comprehensive fee. It is best suited for large asset managers who consume a high volume of research across multiple sectors and asset classes and prefer budgetary simplicity. The strategic imperative for the provider is to demonstrate such overwhelming value that the high price point is easily justified. 

- **Tiered Access** ▴ A more granular approach involves creating distinct subscription tiers. A basic tier might offer access to written reports only, while premium tiers could add direct analyst access, bespoke analysis, and invitations to exclusive events. This allows providers to segment their market and capture value from a wider range of clients, from small hedge funds to large institutional players. 

- **Metered Subscriptions** ▴ Some providers have implemented models where a subscription includes a certain number of “credits” or “units” that can be redeemed for various research services. A report might cost one credit, an analyst call five credits, and a meeting ten credits. This model aligns cost more closely with consumption and provides valuable data to the provider on which services are most valued. 

![Precision-engineered modular components display a central control, data input panel, and numerical values on cylindrical elements. This signifies an institutional Prime RFQ for digital asset derivatives, enabling RFQ protocol aggregation, high-fidelity execution, algorithmic price discovery, and volatility surface calibration for portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/firm-fx-options-rfq-trade-system-key-microstructure-data-flow-core-engine.jpg)

## The Direct Consumption Model

Contrasting with the subscription approach is the direct consumption, or “pay-as-you-go,” model. This framework unbundles research to its most granular level, allowing clients to purchase individual products and services on an ad-hoc basis. This strategy is often facilitated by technology platforms that function as online marketplaces for research.

The strategic advantage for providers, particularly smaller, specialized boutiques or independent analysts, is the ability to reach a broad audience without the need for extensive sales teams or long-term contract negotiations. For the buy-side, it offers maximum flexibility and ensures they only pay for the specific information they need. A significant challenge for providers in this model is the lack of predictable revenue and the need to constantly market individual products to stand out in a crowded digital marketplace. Success depends on building a strong brand reputation for quality and relevance in a specific niche.

> Post-MiFID II strategic alignment forces providers to choose between scalable subscription models offering predictable revenue and flexible pay-per-use systems targeting niche demand.

![Abstract visualization of institutional digital asset RFQ protocols. Intersecting elements symbolize high-fidelity execution slicing dark liquidity pools, facilitating precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-intelligence-layer.jpg)

## Comparative Analysis of Dominant Models

The selection of a strategic model is contingent on a provider’s core strengths, target clientele, and operational capabilities. The table below outlines the key characteristics and strategic considerations for the primary models that have gained traction.

| Attribute | Subscription Model | Direct Consumption (Pay-As-You-Go) | Bespoke Advisory Model |
| --- | --- | --- | --- |
| Revenue Stream | Recurring, predictable | Transactional, variable | Project-based, high-value retainers |
| Client Relationship | Long-term partnership | Episodic, transactional | Deeply integrated, strategic |
| Ideal Provider Profile | Large banks, established research houses with broad coverage | Independent research providers (IRPs), niche specialists | Elite boutiques, senior analysts with deep domain expertise |
| Technology Requirement | Robust entitlement and CRM systems | E-commerce platform, digital rights management | Secure communication channels, project management tools |
| Primary Challenge | Demonstrating continuous value to justify recurring fees | Revenue volatility and product marketing | Scalability and managing project-based workflow |

![A sleek pen hovers over a luminous circular structure with teal internal components, symbolizing precise RFQ initiation. This represents high-fidelity execution for institutional digital asset derivatives, optimizing market microstructure and achieving atomic settlement within a Prime RFQ liquidity pool](https://options.greeks.live/wp-content/uploads/2025/07/optimizing-digital-asset-derivatives-rfq-through-prime-os-precision.jpg)

## The Rise of Bespoke and Corporate-Sponsored Research

Two other significant models have gained prominence. The **Bespoke Advisory Model** involves providing customized research and analysis on a project basis. This is a high-margin business where a client might commission a deep-dive report on a specific company or sub-sector, effectively outsourcing a portion of their own research function. This model is predicated on the unique expertise and reputation of the analyst or firm.

The **Corporate-Sponsored Research Model** represents another avenue, though it operates with its own set of challenges regarding perceived independence. In this framework, the company being covered pays the research provider to produce and distribute analysis on its stock. For small and mid-cap companies that have lost [analyst coverage](https://prime.greeks.live/area/analyst-coverage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in the post-MiFID II consolidation, this can be a vital way to maintain a presence in the investment community. For the provider, it creates a direct revenue stream, but success is entirely dependent on establishing and maintaining strict ethical firewalls to ensure the research is, and is perceived as, objective and unbiased.

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![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)

## Execution

The transition from a bundled, implicit-cost framework to a series of explicit, product-centric business models requires a profound re-engineering of a research provider’s entire operational structure. Execution is not merely a matter of policy change; it is a comprehensive overhaul of technology, [client engagement](https://prime.greeks.live/question/how-can-a-collaborative-commercial-model-align-the-interests-of-both-client-and-vendor-in-an-rfp-driven-engagement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) protocols, compliance frameworks, and performance analytics. Success in this new paradigm is a function of operational excellence and the ability to build a system that is both efficient for the provider and transparent for the client.

![A crystalline geometric structure, symbolizing precise price discovery and high-fidelity execution, rests upon an intricate market microstructure framework. This visual metaphor illustrates the Prime RFQ facilitating institutional digital asset derivatives trading, including Bitcoin options and Ethereum futures, through RFQ protocols for block trades with minimal slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution.jpg)

## The Operational Playbook

For a sell-side entity seeking to structure its research offering for the post-MiFID II environment, a disciplined, multi-stage implementation process is essential. This playbook outlines the critical steps for building a compliant and commercially viable research-as-a-service business.

- **Productization and Service Catalog Definition** ▴ The initial phase involves a granular deconstruction of all research activities into a defined service catalog. Every interaction and output must be categorized and defined as a purchasable product.

<li> **Written Research** ▴ Differentiate between types of reports (e.g. initiation of coverage, quarterly update, flash note, thematic deep-dive) and assign a baseline value or credit weighting to each. 

- **Analyst Access** ▴ Codify different levels of interaction. A 15-minute clarification call is a different product from a 1-hour project discussion or an in-person meeting. 

- **Models and Data** ▴ Financial models and underlying datasets should be treated as separate products, potentially with their own pricing structure. 

- **Corporate Access** ▴ Differentiate between group events (e.g. webinars, conference calls) and one-on-one management meetings, which represent a premium service. 

</li>
- **Pricing Strategy Formulation** ▴ With a defined catalog, the next step is to develop a coherent pricing architecture. This requires a sophisticated understanding of client value perception and competitive positioning.

<li> **Cost-Plus Analysis** ▴ Begin by understanding the fully-loaded cost of producing each product (analyst time, data sources, overhead). 

- **Value-Based Pricing** ▴ Move beyond cost to assess the value delivered. The price for an analyst call should reflect the analyst’s experience, reputation, and the potential impact of their insights on the client’s investment performance. 

- **Tiered Structuring** ▴ Design clear subscription tiers (e.g. Bronze, Silver, Gold, Platinum) with transparently defined entitlements for each level. Develop a separate “à la carte” price list for non-subscribers or for services outside of a client’s subscription tier. 

</li>
- **Technology and Systems Implementation** ▴ The pricing and product strategy must be supported by a robust technology stack.

<li> **CRM Integration** ▴ The Customer Relationship Management system must be configured to act as the central repository for client entitlements, consumption data, and interaction history. 

- **Research Portal** ▴ A secure, user-friendly client portal is necessary for content distribution, entitlement checking, and consumption tracking. It should provide clients with real-time dashboards of their usage against their budget or subscription. 

- **Interaction Logging** ▴ Implement a seamless process for analysts to log every client interaction (calls, meetings, emails) to ensure all “soft” interactions are captured and valued. This could involve integrations with calendar and email systems. 

</li>
- **Compliance and Governance Framework** ▴ The entire operation must be underpinned by a rigorous compliance framework to meet regulatory requirements and build client trust.

<li> **[Research Payment Account](https://prime.greeks.live/area/research-payment-account/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RPA) Compatibility** ▴ Ensure the firm’s invoicing and reporting systems can provide the detailed data required by clients who use RPAs to manage their research budgets. 

- **Inducement Monitoring** ▴ Establish clear policies and training to prevent any activity that could be construed as an illegal inducement under MiFID II. All provided research must be substantive. 

- **Audit Trails** ▴ The system must create an immutable audit trail of all research provided and payments received, capable of satisfying regulatory scrutiny. 

</li>

![Intersecting digital architecture with glowing conduits symbolizes Principal's operational framework. An RFQ engine ensures high-fidelity execution of Institutional Digital Asset Derivatives, facilitating block trades, multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/principal-digital-asset-derivatives-rfq-engine-high-fidelity-execution.jpg)

## Quantitative Modeling and Data Analysis

In the unbundled world, quantitative analysis is the bedrock of a successful research business. It is the mechanism for setting prices, demonstrating value to clients, and optimizing the allocation of internal resources. The provider must transition from qualitative relationship management to quantitative value demonstration. This requires the development of sophisticated models to track and price research consumption.

A core component of this is the creation of a “Research Value Score” (RVS) for each client, which provides an objective measure of engagement and helps in pricing negotiations and service tiering. The table below presents a hypothetical model for calculating such a score.

| Research Activity | Unit of Measure | Base Value (Points) | Analyst Seniority Multiplier | Client Engagement Multiplier | Example Calculated Value |
| --- | --- | --- | --- | --- | --- |
| Report Download (Initiation) | Per Report | 50 | 1.5 (Lead Analyst) | 1.2 (PM opens) | 90 |
| Report Download (Update) | Per Report | 10 | 1.0 (Junior Analyst) | 1.0 (Associate opens) | 10 |
| Analyst Call (Scheduled) | Per 15 min | 100 | 1.5 (Lead Analyst) | 1.5 (Multiple PMs on call) | 225 |
| In-person Meeting | Per Hour | 400 | 1.5 (Lead Analyst) | 1.5 (C-level attendance) | 900 |
| Model Download | Per Model | 250 | 1.2 (Complex Model) | 1.0 (Standard) | 300 |

The formula for the calculated value is ▴ **Calculated Value = Base Value × [Analyst Seniority Multiplier](https://prime.greeks.live/question/how-does-the-pfe-multiplier-in-sa-ccr-impact-margined-portfolios/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) × [Client Engagement Multiplier](https://prime.greeks.live/question/how-does-the-pfe-multiplier-in-sa-ccr-impact-margined-portfolios/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)**. The “Analyst Seniority Multiplier” reflects the experience and reputation of the analyst, while the “Client Engagement Multiplier” accounts for the seniority of the individuals consuming the research on the client side. A report read by a Portfolio Manager is more valuable than one read by a junior associate. This data-driven approach allows the provider to have objective, evidence-based conversations with clients about pricing and value, moving the discussion away from subjective feelings and toward a shared understanding of the services rendered.

![A precise digital asset derivatives trading mechanism, featuring transparent data conduits symbolizing RFQ protocol execution and multi-leg spread strategies. Intricate gears visualize market microstructure, ensuring high-fidelity execution and robust price discovery](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-execution-framework.jpg)

## Predictive Scenario Analysis

To fully grasp the operational and strategic complexities of this transition, consider the case of “AlphaGen Research,” a hypothetical mid-sized, historically execution-focused brokerage firm. Pre-MiFID II, AlphaGen’s well-regarded technology sector research team was funded implicitly through trading commissions from a core group of 50 asset management clients. The research was high-quality but its P&L was opaque. The arrival of MiFID II presented an existential threat.

The leadership team initiated the operational playbook. First, they conducted an exhaustive productization exercise. They identified 12 distinct research “products,” ranging from their flagship “Deep Dive” initiation reports to short “Market Pulse” notes and direct analyst access, which they segmented into “Clarification Calls” and “Strategy Sessions.” Next came the pricing. A cost analysis revealed the all-in cost of the research division was approximately $5 million annually.

Simply dividing this by their 50 core clients ($100,000 each) was deemed too simplistic. Instead, they developed a three-tiered [subscription model](https://prime.greeks.live/area/subscription-model/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ▴ “Access” ($25,000/year for all written content), “Premium” ($75,000/year for Access plus 20 analyst calls), and “Strategic Partner” ($200,000+/year for unlimited access plus bespoke project work).

The initial client negotiations were challenging. In the first quarter, only 5 clients signed up for the “Strategic Partner” tier, while 20 opted for “Premium” and 15 for “Access.” Ten clients, primarily smaller funds, declined any subscription, opting for a newly established “pay-as-you-go” model. Total contracted revenue was only $3.125 million, a significant shortfall. Panic began to set in.

However, the firm had also implemented a robust consumption tracking system. The data from this system was revelatory. They discovered that a small number of “Premium” clients were consuming analyst time at a rate far exceeding their fee level. Conversely, several “Access” clients were forwarding reports widely within their organizations, indicating a much higher value perception than their subscription fee suggested.

Armed with this quantitative evidence, AlphaGen’s strategy evolved. For the high-consumption “Premium” clients, they presented the data, demonstrating the immense value they were receiving and successfully upselling three of them to the “Strategic Partner” tier for the second year. For the “Access” clients with high internal readership, they proposed enterprise-level licenses that offered broader access for a higher, yet fair, price. They also analyzed the “pay-as-you-go” data.

They found that their reports on small-cap semiconductor firms were by far the most frequently purchased individual items. This insight led them to launch a dedicated, niche subscription service specifically for “Emerging Technology” research, which attracted 15 new clients who were previously unengaged.

> Data-driven analysis allows a research provider to dynamically adjust its pricing and service model, aligning revenue directly with demonstrated client value and consumption patterns.

By the end of the second year, AlphaGen’s research division had transformed. Total revenue from research had climbed to $5.5 million, making it a profitable standalone business unit. They had lost some smaller, price-sensitive clients but had deepened their relationships with their core partners and acquired new ones through their niche offering. The key to their survival and eventual success was not just creating a new price list.

It was the execution of a complete operational system ▴ productizing their services, building a flexible pricing structure, and, most importantly, using granular data analysis to have transparent, value-based conversations with their clients. The predictive scenario they initially feared ▴ a revenue collapse ▴ was averted through a dynamic and evidence-based execution strategy.

![A solid object, symbolizing Principal execution via RFQ protocol, intersects a translucent counterpart representing algorithmic price discovery and institutional liquidity. This dynamic within a digital asset derivatives sphere depicts optimized market microstructure, ensuring high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-orchestration.jpg)

## System Integration and Technological Architecture

The successful execution of a post-MiFID II research business model is fundamentally dependent on its technological architecture. The system must seamlessly integrate client management, content delivery, interaction logging, and financial reporting into a single, coherent operational fabric. A piecemeal or disjointed approach creates inefficiencies, revenue leakage, and compliance risks.

The core components of this architecture include:

- **Centralized CRM as the System of Record** ▴ The Customer Relationship Management (CRM) platform (e.g. Salesforce, Microsoft Dynamics) is the heart of the architecture. It must be customized to hold all client data, including:

<li> **Entitlement Profiles** ▴ A detailed record for each client specifying their subscription tier, any bespoke agreements, and the specific research products and services they are entitled to access. 

- **Consumption Ledger** ▴ A real-time ledger that tracks every point of consumption ▴ every report downloaded, every call logged, every meeting attended ▴ and debits it against the client’s subscription or credit balance. 

- **Contact Mapping** ▴ Mapping individual contacts at a client firm to their roles (e.g. Portfolio Manager, Analyst, Compliance Officer) to enable the Client [Engagement Multiplier](https://prime.greeks.live/question/how-does-the-pfe-multiplier-in-sa-ccr-impact-margined-portfolios/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in the value-scoring model. 

</li>
- **Content Management & Distribution Platform** ▴ This is the client-facing portal. It must be more than a simple document repository.

<li> **API-Driven Architecture** ▴ The platform should have robust APIs to allow for integration with other systems. A key API endpoint would be /getEntitlements?clientID=X, which would allow other systems to verify a client’s access rights before delivering a service. 

- **Digital Rights Management (DRM)** ▴ For high-value reports, DRM capabilities can be integrated to control forwarding and printing, ensuring the intellectual property is protected. 

- **Client Dashboards** ▴ The portal must provide clients with self-service dashboards showing their consumption data, remaining budget in their Research Payment Account (RPA), and other relevant analytics. 

</li>
- **Interaction Logging and Data Capture** ▴ Automating the capture of “soft” interactions is a critical challenge.

<li> **Calendar/Email Integration** ▴ Plugins for Outlook or Gmail can be used to automatically parse analyst calendars and prompt them to log client meetings and calls, pre-populating data like attendees and duration. 

- **Mobile Applications** ▴ A simple mobile app can allow analysts to log interactions immediately after they occur, ensuring data accuracy. The app would use an API call like POST /logInteraction with a JSON payload containing details of the event. 

</li>
- **Finance and Invoicing Integration** ▴ The entire system must connect to the firm’s financial backbone to automate billing and reporting.

<li> **Automated Invoicing** ▴ At the end of a billing cycle, the system should automatically generate detailed invoices based on the consumption data stored in the CRM, providing the granularity required by clients for their own accounting and RPA reporting. 

- **Revenue Analytics** ▴ The integrated system provides management with powerful analytics, allowing them to see revenue per analyst, profitability per client, and the most and least successful products in the catalog. 

</li>

This integrated technological framework transforms the research business from a collection of disparate activities into a cohesive, data-driven manufacturing process. It provides the operational leverage needed to manage complexity, the transparency required to build client trust, and the data essential for strategic decision-making in the demanding post-MiFID II marketplace.

![Abstract bisected spheres, reflective grey and textured teal, forming an infinity, symbolize institutional digital asset derivatives. Grey represents high-fidelity execution and market microstructure teal, deep liquidity pools and volatility surface data](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-for-digital-asset-derivatives-execution.jpg)

## References

- An, H. & Cheng, M. (2019). The Effects of MiFID II on Sell-Side Analysts, Buy-Side Analysts, and Firms. Bayes Business School.

- Lee, J. & So, E. C. (2019). MiFID II unbundling and sell side analyst research. New York University, Stern School of Business.

- CFA Institute. (2019). The Future of Research in the US After MiFID II. CFA Institute.

- European Securities and Markets Authority. (2017). MiFID II ▴ Questions and Answers on Investor Protection & Intermediaries. ESMA35-43-349.

- Fang, L. H. & Hope, O. K. (2020). The effects of MiFID II on sell-side analysts, buy-side analysts, and firms. INK@SMU Institutional Knowledge at Singapore Management University.

- Deloitte Centre for Regulatory Strategy. (2018). MiFID II ▴ Unbundling of research and the new environment for asset managers. Deloitte.

- PricewaterhouseCoopers. (2017). MiFID II ▴ A new world for investment research. PwC Financial Services.

- Greenwich Associates. (2018). MiFID II Research Unbundling ▴ The Brave New World. Greenwich Associates.

- RBC Capital Markets. (2019). The Impact of MiFID II on Equity Research ▴ A Quantitative Analysis. RBC Capital Markets Quantitative Research.

- McKinsey & Company. (2018). European Asset Management after MiFID II ▴ A New Equilibrium. McKinsey & Company.

![Stacked concentric layers, bisected by a precise diagonal line. This abstract depicts the intricate market microstructure of institutional digital asset derivatives, embodying a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/multi-layered-digital-asset-derivatives-rfq-protocol-architecture.jpg)

## Reflection

![A precision-engineered metallic institutional trading platform, bisected by an execution pathway, features a central blue RFQ protocol engine. This Crypto Derivatives OS core facilitates high-fidelity execution, optimal price discovery, and multi-leg spread trading, reflecting advanced market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-institutional-digital-asset-derivatives-execution-core-facilitating-rfq-protocol-driven-optimal-price-discovery-and-multi-leg-spread-trading-for-capital-efficiency.jpg)

## A System of Value

The regulatory shift imposed by MiFID II was far more than a compliance exercise; it was a forced evolution that elevated the concept of research to a standalone economic pillar. The frameworks and models that have emerged are not simply new ways to charge for old products. They represent a new operational philosophy, one where the value of insight must be continuously proven through a transparent and data-driven system. This new environment demands a deep introspection from every research provider, forcing a confrontation with fundamental questions about their core value proposition.

What is the precise intellectual product being created? How is its value demonstrated to a discerning client base? And how can technology be architected to deliver this value efficiently and transparently?

![A symmetrical, star-shaped Prime RFQ engine with four translucent blades symbolizes multi-leg spread execution and diverse liquidity pools. Its central core represents price discovery for aggregated inquiry, ensuring high-fidelity execution within a secure market microstructure via smart order routing for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-prime-os-1.jpg)

## Calibrating the Analytical Engine

The journey through this new landscape is ongoing. The most successful providers are those who view their business not as a collection of star analysts, but as an integrated system for producing and monetizing intellectual property. They understand that their long-term viability depends on the robustness of their operational architecture ▴ the seamless flow of information from analyst interaction to consumption data, to client invoice, to strategic insight. The challenge now is one of continuous calibration.

It involves refining pricing models, enhancing client-facing analytics, and investing in technology that deepens the connection between the research produced and the investment performance of the client. The ultimate goal is to build a system so aligned with client needs that its value becomes self-evident, a vital component in their own quest for alpha.

![Polished opaque and translucent spheres intersect sharp metallic structures. This abstract composition represents advanced RFQ protocols for institutional digital asset derivatives, illustrating multi-leg spread execution, latent liquidity aggregation, and high-fidelity execution within principal-driven trading environments](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-optimal-execution-orchestration.jpg)

## Glossary

<a href="https://prime.greeks.live/question/how-does-the-use-of-explainable-ai-impact-the-intellectual-property-of-proprietary-trading-models/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, precision-engineered device with a split-screen interface displaying implied volatility and price discovery data for digital asset derivatives. This institutional grade module optimizes RFQ protocols, ensuring high-fidelity execution and capital efficiency within market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-module.jpg)

## Intellectual Property

Explainable AI redefines trading model IP by converting computational obscurity into a new, auditable, and sensitive data asset requiring architectural protection. </a><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">
![A precision execution pathway with an intelligence layer for price discovery, processing market microstructure data. A reflective block trade sphere signifies private quotation within a dark pool](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-precision-execution.jpg)

## Sell-Side Research

Meaning ▴ Sell-side research encompasses the analytical reports, financial models, and strategic recommendations generated by investment banks, brokerage firms, and independent research providers for their institutional clients. </a><a href="https://prime.greeks.live/question/what-are-the-primary-operational-bottlenecks-that-t1-exposes-for-asset-managers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Smooth, layered surfaces represent a Prime RFQ Protocol architecture for Institutional Digital Asset Derivatives. They symbolize integrated Liquidity Pool aggregation and optimized Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/market-microstructure-rfq-protocols-for-digital-asset-derivatives.jpg)

## Asset Managers

T+1 exposes critical bottlenecks by compressing settlement, transforming latent process inefficiencies into immediate, high-cost failures. </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 dark central hub with three reflective, translucent blades extending. This represents a Principal's operational framework for digital asset derivatives, processing aggregated liquidity and multi-leg spread inquiries](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-engine-for-high-fidelity-digital-asset-derivatives.jpg)

## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </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">
![Beige module, dark data strip, teal reel, clear processing component. This illustrates an RFQ protocol's high-fidelity execution, facilitating principal-to-principal atomic settlement in market microstructure, essential for a Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-protocol-execution-engine.jpg)

## Buy-Side

Meaning ▴ Organizations managing capital for investment, including asset managers, pension funds, hedge funds, and sovereign wealth funds. </a><a href="https://prime.greeks.live/area/analyst-coverage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A gleaming, translucent sphere with intricate internal mechanisms, flanked by precision metallic probes, symbolizes a sophisticated Principal's RFQ engine. This represents the atomic settlement of multi-leg spread strategies, enabling high-fidelity execution and robust price discovery within institutional digital asset derivatives markets, minimizing latency and slippage for optimal alpha generation and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/inst-digital-asset-deriv-rfq-os-for-optimal-high-fidelity-trade-exec.jpg)

## Analyst Coverage

Meaning ▴ Analyst Coverage refers to the public research and financial analysis published by investment banks, brokerage firms, or independent research houses concerning specific companies, industries, or asset classes, including digital assets and their associated derivatives. </a><a href="https://prime.greeks.live/question/how-can-a-collaborative-commercial-model-align-the-interests-of-both-client-and-vendor-in-an-rfp-driven-engagement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central teal-lit mechanism with radiating pathways embodies a Prime RFQ for institutional digital asset derivatives. It signifies RFQ protocol processing, liquidity aggregation, and high-fidelity execution for multi-leg spread trades, enabling atomic settlement within market microstructure via quantitative analysis](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-for-institutional-digital-asset-rfq-protocol-execution-engine.jpg)

## Client Engagement

A collaborative commercial model aligns interests by engineering a shared financial and operational reality for client and vendor. </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">
![An abstract visual depicts a central intelligent execution hub, symbolizing the core of a Principal's operational framework. Two intersecting planes represent multi-leg spread strategies and cross-asset liquidity pools, enabling private quotation and aggregated inquiry for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

## Research Payment Account

Meaning ▴ A Research Payment Account, or RPA, represents a distinct funding mechanism designed to compensate investment research providers, mandating the unbundling of research costs from execution commissions. </a><a href="https://prime.greeks.live/question/how-does-the-pfe-multiplier-in-sa-ccr-impact-margined-portfolios/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An advanced digital asset derivatives system features a central liquidity pool aperture, integrated with a high-fidelity execution engine. This Prime RFQ architecture supports RFQ protocols, enabling block trade processing and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-system-architecture.jpg)

## Analyst Seniority Multiplier

The PFE multiplier calibrates capital requirements by translating collateral levels into a direct, though capped, reduction of future exposure. </a><a href="https://prime.greeks.live/question/how-does-the-pfe-multiplier-in-sa-ccr-impact-margined-portfolios/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A conceptual image illustrates a sophisticated RFQ protocol engine, depicting the market microstructure of institutional digital asset derivatives. Two semi-spheres, one light grey and one teal, represent distinct liquidity pools or counterparties within a Prime RFQ, connected by a complex execution management system for high-fidelity execution and atomic settlement of Bitcoin options or Ethereum futures](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-market-microstructure-2.jpg)

## Client Engagement Multiplier

The PFE multiplier calibrates capital requirements by translating collateral levels into a direct, though capped, reduction of future exposure. </a><a href="https://prime.greeks.live/area/subscription-model/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A macro view reveals a robust metallic component, signifying a critical interface within a Prime RFQ. This secure mechanism facilitates precise RFQ protocol execution, enabling atomic settlement for institutional-grade digital asset derivatives, embodying high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/core-secure-institutional-digital-asset-derivatives-rfq-trade-system-element.jpg)

## Subscription Model

Meaning ▴ The Subscription Model defines a commercial framework where access to a service, platform, or data stream is granted for a recurring fee over a specified period, rather than on a per-transaction or one-time purchase basis. </a><a href="https://prime.greeks.live/question/how-does-the-pfe-multiplier-in-sa-ccr-impact-margined-portfolios/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision mechanical assembly: black base, intricate metallic components, luminous mint-green ring with dark spherical core. This embodies an institutional Crypto Derivatives OS, its market microstructure enabling high-fidelity execution via RFQ protocols for intelligent liquidity aggregation and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/08/institutional-crypto-derivatives-rfq-engine-high-fidelity-execution.jpg)

## Engagement Multiplier

The PFE multiplier calibrates capital requirements by translating collateral levels into a direct, though capped, reduction of future exposure. </a>

**Tags:** [Sell-Side Research](https://options.greeks.live/area/sell-side-research/), [Independent Research Providers](https://options.greeks.live/area/independent-research-providers/), [Research Unbundling](https://options.greeks.live/area/research-unbundling/), [Research Payment Account](https://options.greeks.live/area/research-payment-account/), [Subscription Model](https://options.greeks.live/area/subscription-model/), [Research Pricing Models](https://options.greeks.live/area/research-pricing-models/)	

## Discover More

- 
### [How Does Research Unbundling Affect Best Execution Obligations for Illiquid Assets?](https://options.greeks.live/question/how-does-research-unbundling-affect-best-execution-obligations-for-illiquid-assets/)
![Central mechanical pivot with a green linear element diagonally traversing, depicting a robust RFQ protocol engine for institutional digital asset derivatives. This signifies high-fidelity execution of aggregated inquiry and price discovery, ensuring capital efficiency within complex market microstructure and order book dynamics.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-best-execution.jpg)

Research unbundling isolates execution quality, making auditable, data-driven proof of performance in illiquid assets a primary obligation.

- 
### [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.

- 
### [What Are the Regulatory Requirements for Stress Testing Automated Trading Algorithms?](https://options.greeks.live/question/what-are-the-regulatory-requirements-for-stress-testing-automated-trading-algorithms/)
![A sleek cream-colored device with a dark blue optical sensor embodies Price Discovery for Digital Asset Derivatives. It signifies High-Fidelity Execution via RFQ Protocols, driven by an Intelligence Layer optimizing Market Microstructure for Algorithmic Trading on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-high-fidelity-execution-engine-optimized-rfq-protocols-prime-os-intelligence-layer.jpg)

Regulatory stress testing mandates a systematic evaluation of algorithmic resilience against extreme, yet plausible, market scenarios.

- 
### [How Do MiFID II and FINRA Define the Factors for Best Execution Differently?](https://options.greeks.live/question/how-do-mifid-ii-and-finra-define-the-factors-for-best-execution-differently/)
![Two sharp, teal, blade-like forms crossed, featuring circular inserts, resting on stacked, darker, elongated elements. This represents intersecting RFQ protocols for institutional digital asset derivatives, illustrating multi-leg spread construction and high-fidelity execution. The underlying layers signify aggregated liquidity pools and market microstructure dynamics, enabling price discovery and capital efficiency within a Prime RFQ framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-best-execution.jpg)

MiFID II and FINRA define best execution through different lenses: MiFID II's "all sufficient steps" versus FINRA's "reasonable diligence."

- 
### [How Does Discretionary Execution Impact an Otf’s Liability?](https://options.greeks.live/question/how-does-discretionary-execution-impact-an-otfs-liability/)
![Textured institutional-grade platform presents RFQ inquiry disk amidst liquidity fragmentation. Singular price discovery point floats. Aqua Prime RFQ base supports market microstructure, enabling atomic settlement and best execution for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-microstructure-prime-os-best-execution.jpg)

Discretionary execution makes an OTF liable for upholding best execution, shifting risk from rule-following to justifiable judgment.

- 
### [How Do Regulators Typically Identify Systemic Failures in a Firm’s LIS Waiver Application Process?](https://options.greeks.live/question/how-do-regulators-typically-identify-systemic-failures-in-a-firms-lis-waiver-application-process/)
![A sleek, layered structure with a metallic rod and reflective sphere symbolizes institutional digital asset derivatives RFQ protocols. It represents high-fidelity execution, price discovery, and atomic settlement within a Prime RFQ framework, ensuring capital efficiency and minimizing slippage.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-via-prime-os.jpg)

Regulators identify systemic LIS waiver failures via data analysis, supervisory reviews, and market monitoring.

- 
### [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.

- 
### [How Will Regulatory Frameworks Adapt to the Increasing Use of Opaque Ai Models in Financial Markets?](https://options.greeks.live/question/how-will-regulatory-frameworks-adapt-to-the-increasing-use-of-opaque-ai-models-in-financial-markets/)
![A sleek, light interface, a Principal's Prime RFQ, overlays a dark, intricate market microstructure. This represents institutional-grade digital asset derivatives trading, showcasing high-fidelity execution via RFQ protocols. It signifies optimized liquidity aggregation, algorithmic trading, and capital efficiency for block trades and multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-execution-system.jpg)

Regulatory frameworks will adapt to opaque AI by shifting focus from model transparency to robust governance, mandating explainability, and enforcing accountability for algorithmic outcomes.

- 
### [What Regulatory and Compliance Challenges Arise from Using Black Box Ml Models for Quote Validation?](https://options.greeks.live/question/what-regulatory-and-compliance-challenges-arise-from-using-black-box-ml-models-for-quote-validation/)
![Two sleek, pointed objects intersect centrally, forming an 'X' against a dual-tone black and teal background. This embodies the high-fidelity execution of institutional digital asset derivatives via RFQ protocols, facilitating optimal price discovery and efficient cross-asset trading within a robust Prime RFQ, minimizing slippage and adverse selection.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-microstructure.jpg)

Black box model compliance requires an architectural framework of governance and explainability to satisfy regulatory demands for transparency.

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        "Independent Research Providers",
        "MiFID II",
        "Pay-Per-Use Research",
        "Research Payment Account",
        "Research Pricing Models",
        "Research Unbundling",
        "Sell-Side Research",
        "Subscription Model",
        "Value Demonstration"
    ]
}
```

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---

**Original URL:** https://options.greeks.live/question/what-new-business-models-have-emerged-for-sell-side-research-providers-post-mifid-ii/
