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.

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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).