Dear Axioma Applied Research reader:
With the advent of MiFID II, a number of questions have come up regarding the ability of investors to access our research reports. Axioma believes the research we provide falls outside the purview of the recent regulations, which are intended to provide transactional transparency and unbundle research and trading costs.
Among other things, MiFID II establishes an obligation that investment firms which provide both execution services and research goods and services to other investment firms (e.g. brokers and financial managers) must identify separate charges that only reflect the cost of transaction execution, while the provision of any other service (such as research) must be subject to a separately identifiable charge.
As you know, Axioma provides tools for asset managers, asset owners and other investors. Axioma is not engaged in the combination of businesses or activities subject to MiFID II. The research service which Axioma provides to clients and prospects is free of charge, and is not bundled with or an inducement to receive any brokerage, transactional or investment service.
Axioma’s research reports are a support feature of Axioma’s software and risk model tools intended to help customers and prospects better understand how to use our products and the benefits which these products offer. In addition, our research is generally market-oriented in nature, covers topics of risk and volatility rather than projected returns, and does not provide specific investment recommendations. Given that Axioma is not engaged in the investment activities subject to MiFID II, the supply of Axioma’s free research reports, and the benefits of such services, cannot be influenced by or be conditioned upon the payment for execution services or other investment services.
We recognize that some of the research you had access to now stands behind a paywall. We hope you will be able to take advantage of our free offerings, and that you find them interesting and useful.
Thank you for your interest in Axioma’s Applied Research.
The Axioma Applied Research Team