Allianz Global Investors, the €513bn asset manager, expects to spend the rest of the year negotiating with investment banks over the price it pays for stock research — illustrating how Europe’s new trading rules continue to vex the industry seven months after their introduction.

Although AllianzGI has begun paying separately for stock research, as required by January’s wide-ranging revision of the Markets in Financial Instruments Directive, it is still negotiating with banks about how much should be paid.