Independent stock-analysis arrangement to end in summer

As part of a regulatory settlement, the largest firms on Wall Street agreed five years ago to give their clients independent analysis of stocks. The agreement comes to an end in July, a development that is expected to hit independent stock-research firms as well as individual investors. "During the settlement period, I think the sell side worked hard to try to make their research more objective. The big question is: Without that competition, will we start to see a slide back to presettlement 'sell' levels?" said Michael Mayhew, chairman of Integrity Research Associates. "I'm not suggesting we will or not. I just don't know."

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