Asset managers should pay investment banks for the research they use, rather than charging their funds via trading fees, says the European Commission. Sounds great in theory. In practice, it throws up some uncomfortable issues.

The unbundling isn't European law yet. While the Commission is keen and the UK's Financial Conduct Authority keener still, opposition from the industry and some member states could still scupper it. But research providers are working on the assumption that it will happen and are making plans accordingly.