Searching for CSA Technology in a Mifid World
RPAs created confusion when introduced by European regulators, which eventually accepted other alternatives, such as CSAs.
With only 12 months left until the implementation of the Markets in Financial Instruments Directive II (Mifid II), the European Securities and Markets Authority (ESMA), along with its regional counterparts, have sped up their efforts to provide as many clarifications as needed to confused market participants. Research payments appear to be a headache for everyone—even for the regulators.
As of now, asset managers are paying the sell side out of their own pockets. With Mifid II, the sell side
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