London and New York, September 14, 2017 – Bloomberg and Cowen’s (NASDAQ: COWN) Westminster Research Associates today announced that their respective research management technology and research payment solutions can be integrated to provide institutional investors with an end-to-end solution to help them seamlessly manage, track, and pay for eligible research under MiFID II. Due to upcoming MiFID II regulations, some asset managers will be opting to pay for research using a Research Payment Account (RPA), which is charged to the client.

Bloomberg and Cowen’s Westminster RPA’s integrated offerings will enable mutual customers to easily manage research subscriptions, track consumption, evaluate research quality, create MiFID-compliant budgets, attribute value (broker vote), manage invoices, and process payments through their RPAs or otherwise.

“Westminster Research Associates is focused on offering tools that enable our clients to easily and efficiently comply with the unbundling requirements of MiFID II,” said Chris Tiscornia, CEO of Westminster Research Associates. “By integrating with Bloomberg on this initiative, we are pleased to extend both our CSA aggregation and RPA offerings to flexibly provide end-to-end solutions that will allow our mutual clients to be prepared to address their forthcoming budgetary, valuation, payment and research needs.”

Robert Friend, Bloomberg Global Head of Sell-Side Solutions and Research, said: “Our objective with this collaboration is to draw on our respective strengths to offer integrated tools designed to help firms comply with MiFID II with minimum friction on their workflows, so they can focus on making business decisions, not on administrative tasks. The combined offerings allow Bloomberg to expand its holistic suite of seamlessly integrated MiFID II solutions by enabling firms to share and receive research, evaluate it, and pay for it in a user-friendly way.”

Cowen’s Westminster Research Associates is an industry leading broker-dealer that specializes in providing full service custodial aggregation solutions to over 700 institutional clients. Leveraging this foundation, Westminster RPA provides a suite of tools that allow investment managers to set research budgets by strategy, allocate payments and generate compliant reports, thereby allowing them to address the unbundling challenges posed by MiFID II.

Bloomberg’s Research Management Solutions (RMS) provides the tools asset managers need to take control of broker research and internal research workflows. The solutions allow firms to manage research and control access, keep records of notes and interactions, evaluate and rate the research they consume as well as set research budgets.

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About Westminster Research Associates

Cowen’s Westminster Research Associates LLC is a single purpose broker-dealer, founded in 1993, that provides a broker-agnostic, anonymous trading framework which allows investment managers to aggregate CSA credit balances and simplify the process of obtaining investment research. Westminster RPA was created specifically to address the unbundling requirements of MiFID II. Based on the Westminster Research Associates’ CSA platform, Westminster RPA (an offering of Cowen Execution Services Limited) retains the “full service” outsourcing model and adds budgeting tools, payment allocations and regulatory reporting. Westminster RPA supports all common RPA funding models and offers an industry leading banking structure to safeguard client assets.  For more information, click here or request a demo.

About Bloomberg

Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Terminal. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. For more information, visit or request a demo.

Media Contacts:

Cowen Inc./Westminster Research Associates
Lynda Caravello

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