Instinet has developed a tool to connect third-party data for research distribution, monitoring and evaluations for MiFID II research payments.
RQ Connect allows research procurement management systems to transfer research assessment data to its research payment and commission management platform, Plazma.
Global head of operations at Instinet, Luke Mauro, explained creating open access to Plazma solves MiFID II workflow challenges the buy-side currently faces.
“RQ Connect allows our clients to choose the research management tools best suited to their needs, and plug into Instinet’s global research payment capabilities,” he said.
Asset managers will be able to review, edit and confirm the information through a desktop and authorise payments.
The firm was authorised by the UK’s Financial Conduct Authority as a payment institution in August 2015. The authorisation allows Instinet to manage research payments on behalf of its clients.
Several third-party firms have already integrated their data feeds into RQ Connect including RSRCHXchange, Alphametry, Visible Alpha/ONEaccess, ResearchPool, FactSet and Commcise.
Vicky Sanders, co-founder at RSRCHXchange, explained Instinet is one of the RPA managers currently connected to its platform.
“The process of research procurement is now simpler and less intensive; asset managers can now manage budgets and make payments via Instinet while discovering, reading and purchasing research via RSRCHX in a MiFID II compliant way,” she said.
Instinet added it expects to further expand the list of connected providers over the course of the next few months.