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Photo by Scott Heins/Getty Images

The combination of increased appetite for passive investment and financial regulations, particularly Europe's Mifid II, is underpinning a "profound reshaping" of what Wall Street research analysts do, according to the Financial Times. It's a move into deep data and away from opinion-driven analysis.

What's happening: Because Mifid II mandates that asset managers and institutions pay for research directly rather than simply paying banks or researchers for their services broadly, there's a great "unbundling" happening throughout asset management.

  • “Not only has unbundling impacted US money managers, it is in the process of changing the whole nature of investment research,” Tabb Group, a markets consultancy, said in a recent report.

The intrigue: "Nowadays, analysts sift through non-traditional information such as satellite imagery and credit card data, or use artificial intelligence techniques such as machine learning and natural language processing to glean fresh insights from traditional sources such as economic data and earnings-call transcripts," per FT.

  • "Almost every bank is now exploring how newer technology can enhance their analysis, or even become a separate business line."

The bottom line: "For now, verbose reports remain the bread and butter of an investment bank analyst. But the form of the content is evolving," Wigglesworth writes.

  • "These days reports are often shorter and punchier, and research can come in the form of videos, 'charticles', live events and even podcasts, and are also distributed through social media and even messaging apps."

Go deeper: Macquarie strategists project stock market will double in value by 2030

Go deeper

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — U.S. tops 88,000 COVID-19 cases, setting new single-day record.
  2. Politics: States beg for Warp Speed billions.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. 🎧Podcast: The vaccine race turns toward nationalism.

Technical glitch in Facebook's ad tools creates political firestorm

Facebook CEO Mark Zuckerberg. Photo: SOPA Images / Contributor

Facebook said late Thursday that a mix of "technical problems" and confusion among advertisers around its new political ad ban rules caused issues affecting ad campaigns of both parties.

Why it matters: A report out Thursday morning suggested the ad tools were causing campaign ads, even those that adhered to Facebook's new rules, to be paused. Very quickly, political campaigners began asserting the tech giant was enforcing policies in a way that was biased against their campaigns.

5 hours ago - Health

States beg for Warp Speed billions

A COVID-19 drive-thru testing center yesterday at Hard Rock Stadium in Miami Gardens. Photo: David Santiago/Miami Herald via AP

Operation Warp Speed has an Achilles' heel: States need billions to distribute vaccines — and many say they don't have the cash.

Why it matters: The first emergency use authorization could come as soon as next month, but vaccines require funding for workers, shipping and handling, and for reserving spaces for vaccination sites.

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