A penny for your thoughts...


Independence has rapidly become a watchword in the market for equity research. Sparked by regulatory intervention and driven by pressure for cost-efficiency and transparency, the unbundling of bank offerings has transformed the research landscape over the past five years.

Initially driven by New York Attorney General Eliot Spitzer's investigation into the conflicts of interest between research and investment banking operations and the subsequent $1.4bn in settlement fees, this sea change has

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