The Markets in Financial Instruments Directive

Please find below NatWest Markets’ offering relating to the provision of research and analytical services for EU investment firms under the MiFID2 inducements regime.

If you have any questions please contact mifid2@natwestmarkets.com or your normal sales contact at NatWest Markets (NWM).


The new EU financial regulation MiFID2, which is effective from 3 January 2018, will mean that EU investment firms may not be able to receive ‘research’ or other benefits for free unless it is considered a minor non-monetary benefit.

Our approach is to:

  1. Provide written materials including desk strategy on our Agile Markets platform for free and make them available to any EU investment firm; and
  2. Charge a single annual subscription of £2,000 (excluding VAT) to cover access to our desk strategists and our analytics tool kit (if an EU investment firm wishes access to these services).

Subscribe to Desk Strategy

The link above uses Adobe eSign technology to submit the subscription request electronically. You and NWM will receive a copy of the completed agreement once you have filled in the details online and your email address has been verified. If you would prefer, please download the form here then email completed version to mifid2@natwestmarkets.com.

Useful Links

MiFID II Q&A Briefing Paper (PDF)
Subscribe to Strategy Service (online) (Adobe Document sign)
Subscribe to Strategy Service (PDF)
Register for Desk Strategy

Further Information

NWM does not provide independent research but our desk strategy and some of our detailed sales notes fall within the definition. We have considered guidance from ESMA and our written material that is in scope of the rules will be provided for free to any EU investment firm that registers on our agile markets platform.

However, conversations and events with our strategists must still be paid for by EU firms included under COBS 2BC. This will be through an annual subscription of £2,000 per year (excluding VAT).

- The service will include meetings and conversations with our Desk Analysts across all asset classes, client events, and access to our analytics tool kit.

- The cost of service takes in to account the internal basic costs of retaining skilled analysts, the time analysts are likely to spend in meetings and conversations and producing specific conversation materials, the number of clients likely to receive the service and the cost element for making the analytics tool kit available to clients.

- NWM feels that this is a fair assessment and a competitive price that will allow you and other clients to continue to access our Desk Analysts and analysis tool kit

- Please be aware that access to US and Japanese analysts may be restricted due to regional laws and we are waiting for regulatory guidance on these matters.

- NWM considers that conversations with Sales representatives are not a chargeable service and these can continue on their current basis.

In the event that you are subject to the rules but do not wish to have access to Desk Analysts, or you are not subject to the rules at all, then please contact us at mifid2@natwestmarkets.com to confirm this position.