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Research under MiFID II

At a glance

With the implementation of MiFID II applying to Research, European asset managers have to pay for some research services.

Research is an inducement, but in many cases one of the acceptable inducements, the so-called minor non-monetary benefits (MNMB), which are allowed to be received/provided free of charge.

The intention of UniCredit’s research pricing methodology is to give our clients the possibility to consume our research as easily as possible.

We do not intend to have European asset managers subsidize all our research costs. We bear in mind that we do not produce research for European asset managers only.




UniCredit's Research offer

 Free-of-charge package

0 €

= Macro & Strategy Publications

+ Access to Economists and Strategists


 Basic package

2,500 €

= All publications
(Macro and Strategy and Credit)

+ Access to Economists and Strategists

+ Low touch access to Credit Analysts


 Full package

10,000 €

= All publications

+ Access to Economists and Strategists

+ Access to Credit Analysts

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Executive summary

When MiFID II became effective at the beginning of 2018, UniCredit introduced the necessary paywalls for access to the relevant research for those clients that fall within the scope of the directive.

Asset managers, who on a firm-wide basis state to us that our research is to them a minor non-monetary benefit, are able to continue to receive our research free of charge.

For MiFID regulated clients, who cannot make such a declaration, the price is determined on the basis of the total cost of producing and delivering the UniCredit's award winning research. Because of UniCredit's large and diverse client base, most of whom do not fall within MiFID II, we are able to offer our high quality research to the impacted clients at relatively modest prices.

Specifically, for all UniCredit Clients, all macro and strategy research including access to our economists and strategists remains free. Paying is required only for credit research. For credit research, we charge EUR 10,000 a year per asset manager for continued full access (i.e. Research reports and unlimited access to analysts), or EUR 2,500 for a basic package (i.e. all publications and “Low touch access” to our credit analysts).


Free-of-charge package

Free-of-charge package

Macro publications

Economics Thinking/Themes Pieces
Sunday Wrap
Ad -hoc pieces on breaking news, etc.
Macro & Markets

FI publications

FI Perspectives
FI Flash / FI Trades

FX publications

FX Perspectives
FX Flash

Cross Asset

Equity Derivatives
Equity Strategy

Credit publications

Deal Research (Issuer Profiles, Credit Views)

Access to
economists via

Email/Chat/ Phone
Data requests


Basic package

Free-of-charge package + ALL CREDIT PUBLICATIONS      

Credit publications

Euro Credit Pilot 
Strategy Flash     
Securitization Market Watch             
Covered Bonds & Agency Monitoring            
Daily Credit Briefing          
High Yield Daily / High Yield Pacenotes        
Credit Flashes
Sector Report/Flash
ESG Research
Sector Thinking

Full package

Full package

Access to credit analysts via

Data requests      
Access to senior executives