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From Corporate Access to Direct Access: The Implications of MiFID II on Corporate Access

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29 January 2017
John Dwyer

Abstract

Much of the focus of MiFID II has been on research unbundling, with corporate access overlooked. There are major pain points in the corporate/buy side dialogue around trust, data, and connectivity.

Celent has released a new report titled From Corporate Access to Direct Access: The Implications of MiFID II on Corporate Access​​​​​​​​​. The report was written by John Dwyer, a Senior Analyst with Celent’s Securities & Investments practice.

Much of the focus of MiFID II has been on research unbundling, with corporate access overlooked. There are major pain points in the corporate/buy side dialogue around trust, data, and connectivity which can be addressed through technology. 2017 is likely to see further evidence of buy side and corporates embracing technology-led change.

Corporate access is a core element of the capital allocation process and a highly competitive area for investment banks and brokers. The FCA’s guidance indicates the need for a formalized, technology-based solution with transparency, new operating procedures, granular recordkeeping, and pricing. Irrespective of regulatory changes, trust between the buy side and the sell side is a major issue impeding dialogue with corporates. Furthermore, data usage and connectivity needs a technology-driven upgrade. Various technology vendors have emerged. ingage has attracted an impressive buy side and corporate client list who advocate the platform’s ability to solve key pain points in the corporate access process.

“When regulatory change and technology meet a process, such as corporate access, which has friction and fundamental pain points, then business models and operational practices will transform,” commented Dwyer.

“Corporate access has the potential to morph into something direct in nature and thus be characterized by much improved flow of information, data, communication, capital, and alpha. Given this potential the buy side, sell side, and corporate constituencies should get on board,” he added.

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