We've discussed independent research at length over the years. The fact remains that the industry, what's left of it, is still searching for a hands-down winning business model. The issue is how can one get paid for research outside of the tainted channels that, while battered, are here to stay? Fidelity has moved to unbundled research and trading, and that's a good thing. But it seems to be pressured away from sell-side research and leading to more buyside research initiatives than creating opportunities for independent shops. The paid-research model, no matter what you think of it, hasn't really caught on, beyond a few established firms and niches. So perhaps the vaunted global settlement has proven much less profound than many anticipated.  

For more on independent research:
- here's some commentary from Forbes