UniCredit Research >  Research under MiFID II

Research under MiFID II

With the implementation of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (MiFID II) applying to investment research by 3 January 2018, for some of our research services investment firms are required to pay.

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 and presented a pricing methodology and model.

The pricing methodology has been developed with the intention to give our clients the possibility to consume our research as easy as possible.

The price was 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.

In a nutshell our price model foresaw for all UniCredit Clients, that all macro and strategy research including access to our economists and strategists can be consumed free of charge. Paying was required only for credit research. For credit research, we charged 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).

In 2022 as part of the new strategy UniCredit Bank GmbH has taken the decision to streamline its operations and to discontinue the publication of Credit Research.  For that reason, we terminated (most of) the existing research agreements as of 30.06.2022. While we continued to deliver the full range of our well established Macro and Strategy Research – of which we think can be consumed as a minor non-monetary benefit and as a consequence free of charge.

If it is preferable from your point of view to conclude a contract for the receipt of research, if desired, also with a corresponding remuneration clause, we will be happy to provide you with a corresponding draft.


In case of questions feel free to reach out to your sales representative or contact us directly for more details.