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On November 9th we reunited the global investment research industry at the Institute of Directors in London to discuss the key issues affecting the external research and data markets, and how research providers are being valued and rewarded in a volatile market climate.

Regulatory issues are back with a vengeance – the SEC’s announcement that it would not be extending the no action relief covering research payments has implications for any firm with a European entity that is consuming US broker research. All the potential solutions have structural challenges and none of them are achievable before the no action expires in July 2023.

Panels covered how buy side approaches to research budgeting, valuation and consumption are evolving, how corporate access now works post-lockdowns and what’s changed most, and how the greater focus on ESG and alt data works from a research and data budgeting and valuation perspective. Attendance for confirmed buyside delegates was complimentary, and there were also a limited number of complimentary sellside places.

Speakers included:

Sarah Ahmed, Director of Corporate Access, Artisan Partners
Alex Andronov, Global Head of Business Development, Global Research, HSBC
Julia Ashworth, Co-Chair, Euro IRP
Jim Bode, Global Head of Broker Relations, AlphaSense
Mike Carrodus, CEO, Substantive Research
Douglas Christensen, VP, Head of Capital Market Solutions, Tier1 | SS&C
Emma Christiansson, Global Counterparty Relationships Analyst, Newton Investment Management
Steven Cox, Manager, Monocle Solutions
Simon Edwards, Chief Revenue Officer, Bluematrix
Pedro Fernandes, Founder & CEO, ResearchPool*
Marie-José Freier, Head of Cross Asset ESG Research, Barclays
Amrish Ganatra, Co-founder & CEO, Commcise
Pierre Gave, Partner & Head of Sales, Gavekal
Lauren Giametta, Director, Research Management, Blackrock
Rebecka Grimsberg, AVP, Research Services Manager, Wellington Management
Kay Guest, Broker Relations, Aviva Investors
Sianne Haldane, Chief Impact Officer, Maanch
Shai Hill, Founder & CEO, Integrum ESG
Robin Hodgkins, President, Castine LLC
Stuart Howard, Global Head of Research Relationships, Invesco
Francis Land, Director of Strategy for BRS&T, S&P Global
Mark Loehr, Chief Executive Officer, OpenExchange
Mike Martinez, Managing Director, Head of Client Strategy, Evercore ISI
Joshua Maxey, Co-Founder, Third Bridge
Michael Mayhew, Chairman, Integrity Research Associates
Lauren Mullen, Executive Director, Equities Counsel, JP Morgan Chase & Co.
Sebastian O’Connor, Interim Director, UK Capital Markets, CDP
Maggie O’Neal, Global Head of ESG Research, Barclays
Zarko Panic, Chief Product Officer, Eidosmedia
Cath Rawcliffe, VP of Sales and Marketing, Singletrack
Czarina Reinante, Head of ESG, Substantive Research
Vicky Sanders, Chief Digital Officer, OpenFin
Neil Scarth, Principal, Frost Consulting
Anne Scott, Investment Service Manager, AEGON Asset Management
Alexander Stewart, Strategy & Sales, CorpAxe
Lisa Stewart, Third Party Research Manager, Lansdowne Partners
Steve Stone, Partner, Morgan, Lewis & Brockius LLP
Frank Volino, Head of Global Equity Client Strategy and Analysis, Citi Research*TBC

Welcome: Mike Carrodus, Chief Executive Officer

09:15 GMT

1. Regulatory Developments and their Implications for Research. How will the SEC removal of the No Action Relief play out? What is the impact of the varying pace of ESG and crypto regulatory change on research and data markets?

09:30 GMT

Moderator: Mike Carrodus, CEO, Substantive Research
Speakers: Pedro Fernandes, Founder & CEO, ResearchPool*
Robin Hodgkins, President, Castine LLC
Francis Land, Director of Strategy for BRS&T, S&P Global
Lauren Mullen, Executive Director, Equities Counsel, JP Morgan Chase & Co.
Steve Stone, Partner, Morgan, Lewis & Brockius LLP
Frank Volino, Head of Global Equity Client Strategy and Analysis, Citi Research

Coffee break
10:20 GMT

2. Research & Data Budgeting. How the buy side is allocating research and data payments and how their process has evolved? How have research budgets held up as market volatility has increased, and which types of providers are gaining traction?

11:00 GMT

Moderator: Mike Carrodus, CEO, Substantive Research
Speakers: Douglas Christensen, VP, Head of Capital Market Solutions, Tier1 | SS&C
Emma Christiansson, Global Counterparty Relationships Analyst, Newton Investment Management
Amrish Ganatra, Co-founder & CEO, Commcise
Kay Guest, Broker Relations, Aviva Investors
Rebecka Grimsberg, AVP, Research Services Manager, Wellington Management
Lisa Stewart, Third Party Research Manager, Lansdowne Partners

3. The Research Product. Demand is changing – how are the sell side and independent providers changing their products and services, and how can they ensure the investments they make into new areas are appropriately rewarded by clients?

11:50 GMT

Moderator: Mike Carrodus, CEO, Substantive Research
Speakers: Julia Ashworth, Co-Chair, Euro IRP
Jim Bode, Global Head of Broker Relations, AlphaSense
Pierre Gave, Partner & Head of Sales, Gavekal
Mark Loehr, Chief Executive Officer, OpenExchange
Mike Martinez, Managing Director, Head of Client Strategy, Evercore ISI
Joshua Maxey, Co-Founder, Third Bridge

Lunch
12:45 GMT

4. Buy and Sell Side Research Valuation Processes – How do buy and sell side research valuation processes compare when you look at them in detail? How can they become more aligned to ensure providers invest in areas that deliver the greatest value?

14:00 GMT

Moderator: Mike Carrodus, CEO, Substantive Research
Speakers: Sarah Ahmed, Director of Corporate Access, Artisan Partners
Alex Andronov, Global Head of Business Development, Global Research, HSBC
Cath Rawcliffe, VP of Sales and Marketing, Singletrack
Anne Scott, Investment Service Manager, AEGON Asset Management
Alexander Stewart, Strategy & Sales, CorpAxe

Coffee break
14:50 GMT

5. ESG Research & Data. If demand from the buy side is often driven by what their clients require them to use, how do you differentiate and can you still target differentiated providers? How is supply evolving? What is the sell side’s strategy in this market?

15:20 GMT

Moderator: Czarina Reinante, Head of ESG, Substantive Research
Speakers: Steven Cox, Manager, Monocle Solutions
Sianne Haldane, Chief Impact Officer, Maanch
Shai Hill, Founder & CEO, Integrum ESG
Sebastian O’Connor, Interim Director, UK Capital Markets, CDP
Maggie O’Neal, Global Head of ESG Research, Barclays
Neil Scarth, Principal, Frost Consulting

6. Integration of Research & Data – Portfolio managers are increasingly data-driven and this has implications for sourcing, budgeting and payment structures – what does best practice look like?

16:10 GMT

Moderator: Vicky Sanders, Chief Digital Officer, OpenFin
Speakers: Simon Edwards, Chief Revenue Officer, Bluematrix
Lauren Giametta, Director, Global Research Management, BlackRock
Stuart Howard, Global Head of Research Relationships, Invesco
Zarko Panic, Chief Product Officer, Eidosmedia

Cocktail Reception – Café Duke – Lower Ground Floor

17:00 GMT