Bloomberg and Cowen’s Westminster Research Associates today announced an agreement to offer investor clients a collective end-to-end solution that simplifies compliance with MiFID II requirements around valuing and paying for research content.
The integration will enable asset managers to meet the unbundling requirements under MiFID II which includes tracking, evaluating and payment processing of resources.
This also provides an all in one solution as a two-way data transfer allows mutual customers to “easily manage research subscriptions, track consumption, evaluate research quality, create MiFID-compliant budgets, attribute value (broker vote), manage invoices, and process payments through their RPAs or otherwise.”
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As many institutional clients prepare for MiFID II and its enhanced reporting requirements, which takes effect in January 2018, making this data available alongside other sell-side interaction data provides users with a complete, unbundled overview and a MiFID II compliant solution.
Cowen’s Westminster Research Associates is a broker-dealer that provides a full-service model to offer clients the flexibility to import budgets, consumption data and relevant quality assessment information. Westminster’s RPA solution seeks to assist investment managers with the challenges of MiFID II compliance over reporting, reducing regulatory and administrative burdens and providing payment flexibility.
Chris Tiscornia, CEO of Westminster Research Associates, commented: “Westminster Research Associates is focused on offering tools that enable our clients to easily and efficiently comply with the unbundling requirements of MiFID II. By integrating with Bloomberg on this initiative, we are pleased to extend both our CSA aggregation and RPA offerings to flexibly provide end-to-end solutions that will allow our mutual clients to be prepared to address their forthcoming budgetary, valuation, payment and research needs.”
Robert Friend, Global Head of Sell-Side Solutions and Research, added: “Our objective with this collaboration is to draw on our respective strengths to offer integrated tools designed to help firms comply with MiFID II with minimum friction on their workflows, so they can focus on making business decisions, not on administrative tasks. The combined offerings allow Bloomberg to expand its holistic suite of seamlessly integrated MiFID II solutions by enabling firms to share and receive research, evaluate it, and pay for it in a user-friendly way.”