133:
669:, Governor of the State of New York, asserted a significant role in policing securities research performed by New York-based analysts; it is unclear whether oversight by the New York State Attorney General will become a long-term meaningful component of securities research. The going-forward conduct provisions of a master settlement agreement between (on the one hand) most of the aforesaid U.S. regulators and (on the other hand) many of the largest U.S. broker-dealers, is an important source of ongoing regulation, with the force of law for the broker-dealers who are party to it, and a strong, if not formally legally binding effect, on broker-dealers not party to it.
676:. Research has been deemed an inducement to trade and must be "unbundled" from execution costs. The new rules around Research Unbundling are viewed as a major challenge by asset managers as they materially alter the way in which research has been consumed. Research budgets must be set in advance, payments for research separated from execution, the quality of research regularly assessed, and auditable records of consumption and payments kept. New platforms launched in anticipation of the rules coming into effect. At the same time,
36:
611:
examination/license was a pre-requisite for the
Research Analyst exams. Now, candidates must pass the Securities Industry Essentials exam before taking the Series 86 and 87. The Series 7 Top-Off and Series 63 exams are sometimes required at the state-level for research analysts. Successful completion
636:
Buy-side and independent research are generally unregulated. Sell-side research is subject to regulation by the securities authorities of the locales where it is performed. The large majority of all sell-side research is performed either in the United
Kingdom or the United States. UK sell-side
599:. The exam is divided into two parts: 86 and 87. The Series 86 Research Analyst exam is the Quantitative portion consisting of material from introductory economics and financial accounting. The Series 87 Research Analyst exam is the Regulatory portion consisting of material from the
367:
industry. Securities research professionals are known most generally as "analysts", "research analysts", or "securities analysts"; all the foregoing terms are synonymous. Research analysts produce research reports and typically issue a recommendation: buy
657:) have issued detailed regulations of equity research, and much more cursory regulation of fixed income research. (With respect to the latter, the NYSE and the NASD have re-delegated the substance of regulation to the broker-dealer trade group
661:
as the merger successor of the Bond Market
Association, to whom the role was originally assigned.) The impact upon securities research regulation of the pending merger of the NASD with the regulatory arm of the NYSE is currently uncertain.
627:
In Hong Kong, investment professionals must pass the Paper 1 administered by the Hong Kong
Securities Institute. Passing this exam allows the individual to receive the Type 4 license to be a publishing research analyst in Hong Kong.
470:
typically fall within the domain of fixed income analysts, and are covered, as if they were bonds, by reference to the industry of their borrowers or asset class in which their credit quality would place them. See
387:
These reports can be accessed from a number of sources, and brokerages will often offer the reports free to their customers. Research can be categorized by the security type, as well as by whether it is
517:), is set to change how research is bought. Research must be "unbundled" from execution costs and priced by the research provider. It has typically been accessed by institutional investors through
587:
Qualifications for investment professionals vary by country, with many countries having specific examination boards which handle certification. A notable certification is the CFA.
658:
845:
494:
and independent equity research boutiques, and is sold to buy-side investors. Buy-side research, however, is usually not published as it is created for internal use at an
787:
428:
issuers); there are various other financial instruments. There are some analysts who cover all of the securities of a particular issuer, stocks and bonds alike.
680:-type initiatives like Boost Research are being created to help independent analysts set up their own businesses for providing independent research and analysis.
595:
In the US, as of 2002, investment professionals seeking to become sell-side equity research analysts must pass the
Research Analyst examination administered by
650:
132:
995:
431:
Securities analysts are usually further subdivided by industry specialization (or sectors)—among the industries with the most analyst coverage are
1015:
596:
947:
608:
53:
645:
has prescribed certain relevant rules (among them
Regulation AC and Regulation FD) but has generally delegated research regulation to the
454:
Fixed-income analysts are also often subdivided by asset class—among the fixed income asset classes with the most analyst coverage are
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642:
119:
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but marketplaces like
Research Exchange Ltd have emerged where individual research reports or subscriptions can be purchased.
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where investment banks wrote positive research despite deteriorating fundamentals or fraudulent management.
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level I & II exams provides a waiver for the Series 86 exam, but not the Series 87 examination.
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Independent equity research has largely sprung into existence as a result of scandals such as
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443:, and computer hardware, software and services. Analysts will regularly attend quarterly
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502:. Sell-side research is offered as part of a broad set of financial services including
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396:; analysts further focus on particular industries. Although usually associated with
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689:
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607:, NASD and NYSE Rules. Prior to the update to the FINRA licensing exams in 2018, the
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444:
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948:"MiFID II priority for fund managers, according to Deloitte study -thetradenews.com"
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Securities analysts are commonly divided between the two basic kinds of securities:
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340:, which provides its reports through some discount brokerages (e.g. TD Ameritrade)
17:
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641:. US sell-side research has a more complex regime of regulation. The U.S.
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In the immediate aftermath of the excesses of the 1990s referred to above,
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514:
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New regulation in Europe, Markets in
Financial Instruments Directive II (
170:
846:"FINRA - Qualifications Frequently Asked Questions - Research Analysts"
556:
provide a similar service for bond securities. There are also a few
253:
529:
417:
131:
238:
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The latest rule changes are coming into effect in Europe under
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29:
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Barron's on Off Wall Street
Consulting Group, July 31, 2010
972:"Accelerating Tomorrow's Independent Research Providers"
568:, Zacks Investment Research and AC Investment Research.
346:, which provides private financial and investing advice
659:
Securities
Industry and Financial Markets Association
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analysts (researching stocks and their issuers) and
60:. Unsourced material may be challenged and removed.
27:Discipline within the financial services industry
404:, and reports will often include both. See also
334:(independent institutional global research firm)
325:(independent institutional global research firm)
1001:Frost Consulting, Commission Unbundling Basics
8:
896:"Welcome to Hong Kong Securities Institute"
871:"Welcome to Hong Kong Securities Institute"
812:"Securities Industry Essentials (SIE) Exam"
651:National Association of Securities Dealers
406:Financial analyst § Securities firms
143:
745:Preannouncement § Corporate Earnings
705:Financial analyst § Securities firms
120:Learn how and when to remove this message
466:). Although technically not securities,
766:
478:Research can be further categorized as
486:. Sell-side research is conducted by
788:"ESMA Unveils New Rules for Research"
7:
918:
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58:adding citations to reliable sources
473:Corporate bond § Risk analysis
725:Investment banking § Research
643:Securities and Exchange Commission
25:
34:
730:Material non-public information
605:Securities Exchange Act of 1934
583:List of securities examinations
45:needs additional citations for
1016:Financial services occupations
1:
792:www.institutionalinvestor.com
777:. Zimmerman's Research Guide.
647:self-regulatory organizations
637:research is regulated by the
462:), and distressed bonds (see
639:Financial Services Authority
649:. The principal SROs (the
400:, research also focuses on
363:is a discipline within the
1037:
580:
166:Bank of America Securities
715:Grossman-Stiglitz Paradox
521:subscription services or
445:earnings conference calls
349:Zacks Investment Research
244:Jefferies Financial Group
458:, high yield bonds (see
655:New York Stock Exchange
924:"MiFID (II) and MiFIR"
601:Securities Act of 1933
542:Credit rating agencies
424:analysts (researching
412:Analyst specialization
211:Daiwa Securities Group
155:Argus Research Company
141:
740:Neglected firm effect
534:Lernout & Hauspie
468:syndicated bank loans
464:distressed securities
338:Standard & Poor's
298:SMBC Nikko Securities
234:Haitong International
135:
69:"Securities research"
1021:Securities (finance)
952:www.thetradenews.com
591:In the United States
398:fundamental analysis
372:"), hold, or sell ("
328:Monness & Crespi
225:Fundamental Research
54:improve this article
773:Zimmerman A. (nd).
710:Financial roadshows
700:Earnings management
523:Bloomberg terminals
293:RBC Capital Markets
176:BMO Capital Markets
928:www.esma.europa.eu
720:Investor relations
488:sell-side analysts
484:sell-side research
437:financial services
402:technical analysis
394:sell-side research
365:financial services
142:
18:Sell-side research
826:"FINRA Rule 1220"
695:Earnings guidance
508:corporate finance
480:buy-side research
456:convertible bonds
449:earnings guidance
390:buy-side research
355:
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332:Morningstar, Inc.
267:Mizuho Securities
221:Evercore Partners
186:Cantor Fitzgerald
159:Atlantic Equities
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558:retail investor
519:Thomson Reuters
460:high-yield debt
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282:Nomura Holdings
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667:Eliot Spitzer
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110:November 2009
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71: –
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65:Find sources:
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43:This article
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32:
31:
19:
976:. Retrieved
974:. 2018-07-29
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931:. Retrieved
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904:. Retrieved
900:the original
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879:. Retrieved
875:the original
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854:. Retrieved
850:the original
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750:Target price
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422:fixed income
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378:target price
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258:Loop Capital
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52:Please help
47:verification
44:
678:accelerator
572:Regulations
564:, SEENSCO,
562:Morningstar
447:; see also
374:underweight
317:Independent
311:Wells Fargo
201:Cowen, Inc.
181:BNP Paribas
1010:Categories
978:2018-08-07
957:2016-02-21
933:2016-02-21
906:2010-03-09
881:2010-03-09
856:2010-04-09
831:2020-06-21
797:2016-02-21
761:References
755:Trade idea
500:hedge fund
382:trade idea
370:overweight
359:Securities
80:newspapers
622:Hong Kong
566:Valueline
323:Bloomberg
191:Citigroup
684:See also
674:MiFID II
653:and the
609:Series 7
544:such as
538:Worldcom
515:MiFID II
376:"); see
361:research
171:Barclays
612:of the
554:S&P
546:Moody's
504:broking
302:Tigress
277:Needham
94:scholar
552:, and
441:energy
418:equity
254:Lazard
96:
89:
82:
75:
67:
597:FINRA
550:Fitch
530:Enron
162:Baird
101:JSTOR
87:books
536:and
506:and
426:bond
380:and
239:HSBC
196:CLSA
138:bond
73:news
620:In
614:CFA
498:or
490:at
482:or
392:or
306:UBS
56:by
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140:.
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117:(
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108:(
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91:·
84:·
77:·
50:.
20:)
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