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Hbsc to stop buy sell stock tips { February 24 2004 } Original Source Link: (May no longer be active)    http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1075982793694 http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1075982793694 HSBC to stop 'buy and sell' stock tips By David Wells in New York Published: February 24 2004 23:11 | Last Updated: February 24 2004 23:11 HSBC is to phase out its use of buy and sell recommendations on individual stocks as it revamps the way the bank does research. The changes, to be implemented over the next 12 months, are among the most far-reaching proposed since regulators began forcing investment banks to resolve conflicts of interest in their research departments. Ten institutions agreed to pay $1.4bn last year to settle charges that they misled US investors by issuing glowing research reports in return for lucrative investment banking fees. While HSBC was not part of that settlement, the agreement was supposed to lead to broad changes in the way many banks provide research. HSBC said it was not reacting to regulators but to the more pressing need of having a product clients found valuable. Pierre Goad, HSBC spokesman, said: "We're absolutely convinced the current model is broken. So we want to do something different." About 300 analysts will be divided into three teams: macro-strategy; sector and companies; and trading strategy. Each will cover all asset classes from a global perspective. The macro team includes economists and strategists and will focus on issues such as asset allocation. The sector and companies team will focus on industry themes rather than on individual companies. The trading strategy team will be a part of the sales and trading staff. It will concentrate on providing trading ideas clients can act on immediately. "We're trying to produce research that is interesting and people want to read," said Mr Goad. "They have to perceive it as valuable." Banks provide research reports to customers for free in the hopes of winning trading commissions and other work. If money managers find the ideas valuable, they will direct trades to the bank that provided them, boosting trading revenue. HSBC began a review of research in September when it decided to integrate its equities division with fixed income, foreign exchange and derivatives into a business called global markets. The bank is convinced that its new approach, finalised in January and presented it to employees this month, will be more useful to clients and will generate trading commissions from products other than stocks.

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