Those services listed in Section B of Annex I to MiFID, being (dans une Nutshell™)
- Custody: safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management
- Margin lending: “granting credits or loans to an investor to allow him to carry out a transaction in one or more financial instruments, where the firm granting the credit or loan is involved in the transaction”
- Advisory: “advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and the purchase of undertakings”;
- FX: foreign exchange services where these are connected to the provision of investment services;
- Investment research: investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments;
- Underwriting: services related to underwriting; and
- Investment services relating to commodities that underly derivatives, where connected with investment services: Just don’t go there. Just reading it will make your heart sink.