The Rise of the Cell-Side Research Team

Electronic execution is having a huge impact on the brokers. It's putting a lot of pressure on their margins and as a result a lot of brokers are cutting back on their research teams. And I think you know there's two ways bayside firms like Reville can respond we can kind of try and compete at the low cost end of the market. But what we've chosen to do is very much try and differentiate ourselves by the quality of our returns. We're probably doing more of our own proprietary research than we've ever done before. As part of that we're using independent experts and we've invested in our own team and that's why we've got a head count that's