Research Distribution Modes Have Changed
Rules instituted in the EU in 2018 (MIFID II) require buy-side firms to pay in advance for access to sell-side research – no more “free” research, and it’s illegal to email a research report to buy-side institutions (considered an inducement to trade)
To ensure compliance, sell-side research is now delivered to the buy-side through third party platforms like Bloomberg, FactSet, Thomson Reuters, etc. Access to sell-side research is limited to paying clients. Non-paying clients can only see headlines and the entitlement lock
The platforms all handle it differently, but the default is the same everywhere – no report access to non-paying clients
Thomson Reuters Screenshot
Research For TimkenSteel
If you aren’t a client of one of the five locked reports, the only report you can read is ours
Estimates For TimkenSteel
Traditional sell-side isn’t always helpful for estimates either TMST may be happy with 7 analysts, but no one knows who 3 of them are!
