As a result of a $1.4 billion global research settlement, the 10 largest U.S. brokerage firms must now provide clients with a source of independent research. The effective date for the independent research mandate was last Tuesday, July 27.
As a result, starting last week firms like Morgan Stanley, Credit Suisse First Boston, and Citigroup’s Smith Barney unit will need to make two reports available to their clients, one from the firm’s research analysts and one from an independent source.
