I noticed that all 3rd party equity analyst research consolidators are a good 5-30 minutes too late to actually trade realtime analyst updates. How much does that stuff cost to get it direct from, say, Merril Lynch? Does that stuff run in the thousands/yr per firm? I know hedge funds have direct channels to the analyst firms, but how accessible is it to the main st. trader with some spending money? Also, do the 3rd party consolidators (e.g., Briefing.com, theflyonthewall) just subscribe to the firms' research as a retail investor would and post updates as they are made available? Please only respond if you have direct knowledge. Throwing out speculative posts will only add noise to this post.