Merrill Lynch is fed up with the rip-off of its research reports, and will take steps to limit access to its research content.
The world's largest brokerage told clients in a note on Thursday it is taking aggressive steps to curb distribution of its research, including restricting and delaying media access and establishing licensing agreements.
U.S. brokerage research has already come under pressure as a profit center in recent years after regulators pushed for further separation between analysts and investment bankers.