The future of independent research was questioned when the five-year agreement stipulated in the "global settlement"--firms had to provide independent research over that period--expired not too long ago. Some thought the gains would quickly evaporate. But the demise of some big-name sell-side firms has created some opportunity. 

According to Greenwich Associates, the big "bulge bracket" firms accounted for 68.5 percent of the market, down from 73 percent last year. Smaller companies'--mid-sized brokers, regional firms and sector specialists--market share jumped about 5 percent to about 29 percent, reports Reuters. So smaller shops would appear to have an opportunity. The report suggests that big-firm market share will continue to decline.  

For more:
- here's the Reuters article

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