Just over 40% of investors have noticed a decrease in the availability and breadth of fixed income, currencies and commodities (FICC) research for small and medium-sized companies in the wake of MiFID II, according to a survey by the International Capital Market Association (ICMA).This trend was likely to continue as the reforms bedded down, said ICMA’s Asset Management and Investors Council (AMIC), which carried out the survey for the second consecutive year.More than two thirds (68%) of respondents said they used less research in general compared to last year. Banks and brokers took the biggest hit, with 71% of those surveyed saying they used less research from these providers. In addition, 82% said they used fewer research providers.However, the survey suggested that investor fears about a decline in the quality of FICC research were so far largely unfounded. The vast majority of respondents to the 2018 survey said they had not noticed any change in the quality of the research they received, compared with 32% who last year indicated they anticipated research to get worse.All of the respondents found no change in the quality of research from independent providers. Views on the quality of FICC research from banks and brokers were more mixed, although a clear majority (86%) said the quality had stayed the same; 11% said it got worse while 4% noticed an improvement.Presenting the survey results in London last week, Patrik Karlsson, director of market practice and regulatory policy at AMIC, said the views about the quality of research were a positive surprise.Karlsson also highlighted respondents’ approach to dealing with conflicting rules on FICC research globally. This year AMIC found that buy-side firms were split between unbundling research globally and only using paid-for research (35%), and segregating EU and non-EU businesses (35%). Last year 64% of respondents were planning to unbundle globally and only 7% were planning to segregate businesses.“The significant change in firm attitude to the business segregation model may reflect that the costs and complexities of segregating their businesses geographically outweigh the costs and complexities that come from unbundling globally,” said AMIC.AMIC surveyed 28 companies, primarily asset managers and investment funds, from EU countries.
The Blues were not expecting to do any major business in January but are prepared to sell Salah, who is yet to start in the Barclays Premier League this season. Roma had hoped to take Salah on loan but Chelsea have told the Italian giants they would have to make the switch permanent at the end of the campaign. Press Association Sport understands Chelsea are demanding 1m euros (£760,000) for an initial six-month loan spell, with an obligation to pay another 14m euros (£10.6m) in the summer. The deal would see the Blues recuperate the fee they paid Basel to sign Salah just 12 months ago. It is understood, however, Roma view that package as too expensive for a player who has managed only two goals in almost 14 months. Roma are also in negotiations with Dnipro for Yevhen Konoplyanka and will turn their attention to the Ukraine playmaker if Chelsea refuse to soften their stance. Andre Schurrle has also been linked with a move away from Stamford Bridge, with both Borussia Dortmund and Wolfsburg reportedly keen. Wolfsburg sporting director Klaus Allofs, however, insists they hold no interest in signing Schurrle and told Press Association Sport: “There is nothing in it whatsoever.” Jose Mourinho would be happy to end the January transfer window with his current squad, despite being linked with a big-money move for Fiorentina’s Colombia winger Juan Cuadrado. Chelsea have made contact with the Italian club about Cuadrado’s availability but it is believed a formal offer will only materialise if Salah or Schurrle are sold. Fiorentina, who are sixth in Serie A and chasing Champions League qualification, do not want Cuadrado to leave mid-season but would be helpless should Chelsea trigger the player’s £26.8m release clause. Chelsea have told Roma they will only allow winger Mohamed Salah to leave this month as part of a permanent deal worth over £11million. Press Association
Casey Sadler was optioned to Triple-A Oklahoma City on Sunday to accommodate the return of pitcher Hyun-Jin Ryu. Sadler was outstanding in his nine appearances, allowing only one run while permitting fewer than one baserunner per inning. But the right-hander had one option year remaining in his contract, and Roberts said “we wanted to get a look at some other guys.”Count it as one of many luxuries for a team that holds an 18-game lead in its division.“The optimal perfect matchup isn’t always possible, and it doesn’t always lead to success anyway,” Roberts said, “but I still think with the guys we have, we can put them in optimal spots.”RAISE THE NETSThe process of extending the netting at Dodger Stadium is underway.The multi-phase process began with heightening the existing nets – behind home plate, connecting the two dugouts – by an additional eight feet. Team president Stan Kasten expects this phase to be completed this week, during the team’s road trip to Miami and Atlanta.In the second phase, nets will be extended down the first- and third-base lines to the point where each wall angles toward the outfield corners. Kasten said that phase will be completed during the Dodgers’ trip to San Diego and Arizona at the end of the month.By the time the team returns home Sept. 2, the adjustments should be done “for now, until we see how it works,” Kasten said.Several major league teams have extended the protective netting at their home parks in the past year. Linda Goldbloom, a fan sitting in the loge section behind home plate at Dodger Stadium, died as a result of the injury she sustained when she was struck by a foul ball last August. Studies of the baseballs used in MLB this year have shown them to be even more aerodynamic than the balls used in the 2018 season.“We looked at all foul balls hit this year – speed, height, all those factors – until we felt good about what we’re doing,” Kasten said.ALSOAfter playing on consecutive days for Triple-A Oklahoma City, rehabbing infielder Jedd Gyorko got a day off Sunday. Roberts said Gyorko is “a week or so” away from his Dodgers debut, barring any setbacks. Gyorko was recovering from arthroscopic surgery on his wrist when he was acquired from the Cardinals at the trade deadline. … Ross Stripling began playing catch, but Roberts said there is no timetable for the right-hander to resume throwing off a mound. … Rich Hill (forearm) will play catch from 105 feet Monday. … Alex Verdugo (oblique) has yet to resume baseball activities, Roberts said. … Kiké Hernandez (left hand sprain) and Chris Taylor (left forearm fracture) will begin rehab assignments in the coming week, Roberts said.UP NEXTThe Dodgers have an off-day Monday.Tuesday: Dodgers (LHP Clayton Kershaw) vs. Marlins (TBA), 4 p.m., SportsNet LA, 570-AM Newsroom GuidelinesNews TipsContact UsReport an Error Roberts said he might break with convention more often as the season winds down, at least as it pertains to his bullpen usage. Saturday, he wanted to give Jansen a fresh start after blowing a save opportunity the night before.“We had a great conversation (Saturday) night, actually,” Roberts said of Jansen. “The most important thing is to get him consistent work which … will allow for more consistency on the field performance-wise. There are certain save opportunities that might be compromised. But it’s still a benefit for the ball club and him to get consistent work.“You also have two guys in Joe Kelly and Pedro Baez throwing the baseball well also. Kenley’s on board with that.”Jansen is 26 for 31 in save opportunities this season. His 3.74 earned-run average is on pace for a career high in his 10th major league season.The Dodgers’ unorthodox bullpen decisions will affect more than just the ninth inning. LOS ANGELES – Dodgers Kenley Jansen was healthy, present and accounted for, but he wasn’t available to pitch Sunday against the Arizona Diamondbacks.Jansen allowed the game-tying home run Friday and threw a scoreless ninth inning in a non-save situation Saturday. It was the first time since June that Jansen had pitched on consecutive days, and Manager Dave Roberts didn’t want to work his closer to appear in a third consecutive game.The unusual pattern defied baseball orthodoxy.Jansen is on the verge of 300 career saves. Using him in a non-save situation one day, and ruling him out of a potential save situation the next day, was a decision rare enough to warrant protection by the Endangered Species Act.