Telis Demos
speaker
656 appearances
10 recordings
1 series
first heard Jun 2018
last heard Dec 2024
Telis Demos’s voice in public audio — every appearance, attributed to the second.
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Appearances
It's not like, oh, this note costs $100, pay us.
It's you like our research?
Well, trade with us.
What European regulators have said is that that relationship actually distorts trading relationships, that people end up trading with people that they shouldn't be because they just want the research and they're getting bad trades, but they don't care because they're getting the research.
And so what Europe has said is you've got to cut that out.
And so now banks actually have to charge to put a price on the research.
And the price that they say isn't necessarily the price that the investor says.
And so part of this whole tracking issue is also, you know, Wall Street wants to know
hey, you're reading tons of our research.
You should pay us a lot of money.
And the client is saying, well, maybe we read it, but we don't really make use of it.
So we don't actually think we owe you that much money.
So part of this whole tracking discussion and probably I would say what is motivating the investors to a degree is they don't necessarily want Wall Street saying, oh, you spent 4,700 minutes reading our notes.
And boy, we think that you should pay us a million dollars for that.
So that's part of the tension here as well.
Thanks for having me.
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