Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Extra Coverage
By Jesse Freund

(Business 2.0) – In April 2003, when the Securities and Exchange Commission fined 10 Wall Street firms $1.4 billion for their overly cozy relations between bankers and analysts, $433 million was set aside to give investors free access to unbiased research. Now it's deadline time. By July 27, the brokerages--big names like Citigroup, J.P. Morgan, and Merrill Lynch--must offer investors research from three independent providers. Investors are sure to like the third-party analysis, but the brokerage industry, which uses proprietary research as a come-on, no doubt hopes the experiment doesn't catch on.