Editor's letter
Who should pay for credit research? According to regulators, who want to see the 'unbundling' of transaction costs and investment research, clients should. That way they'd have a clearer idea of exactly what they're paying for and how. Banks would certainly like to charge for their research - although they're also more than happy being paid more margin for opaque 'value-added' services. As for clients - they're undecided. Some - Fidelity Investments, most famously - have struck deals with banks
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