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The latest version of regulatory and Wall Street whack-a-mole is, as usual, going to miss the target.
In the "never-ending battle for truth, justice, and the American way" – and, oh yeah, profits – big investment and trading banks announced a major new change. All the big banks you know and love are about to charge the money managers they execute trades for, and service in ways most of you have no idea, an arm and a leg for research.
It doesn't matter if the research is ineffective, which most of it is. It doesn't matter if it's valuable insider-type information, which some of it sometimes is. Banks are going to charge a pretty penny for it.
Why? Because it's worth it, darn it.
And because new regulatory rules will force them to hold their hands out.