Keefe Joins Unbundling Push

Updated from 12:22 p.m.

The push to make Wall Street firms charge separately for research reports and executing trades continues to inch along.

Keefe Bruyette & Woods says it's allowing big institutional customers to pay separately for stock research and trading commissions. The investment banking boutique disclosed the so-called unbundling arrangement in the registration statement for its planned IPO.

The New York-based firm says it is "a party to several of these unbundling arrangements, and may enter into additional unbundling arrangements in the future." Keefe Bruyette says it made the disclosure in this past spring's IPO filing as well as in a recent update. It did not disclose the institutions it has entered into unbundling pacts with. ...