Commcise and RBC team up for MiFID II research payment solution
With MiFID II in mind, Royal Bank of Canada (RBC) has teamed with Commcise for a service that lets research funds be held in a segregated research payment account (RPA) established in the name of a buy-side client.
Commcise’s technology will provide a broker-neutral, independent and un-conflicted platform to help management of the research payment process by buy- and sell-side firms.
RBC will hold segregated accounts in each individual buy-side firm’s name and will ensure payments for research are made at the discretion of the individual firm.
Graeme Pearson, head of European equities, RBC Capital Markets, says it is setting up a “specialist research payment account team, managed independently from RBC’s traditional brokerage offering, to ensure the efficient and timely processing of research payment obligations for buy-side clients globally who are looking to address the needs of MiFID II”.
Under the new regulatory framework, RBC and Commcise say buy-side firms will be required to integrate many areas of their existing business processes including; funding, budgeting, research evaluation and accounting, reporting, and controls and governance.