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jay1180 · 2022年09月29日

被前面的答案看晕了,soft dollar到底是啥。。

NO.PZ2018062009000028

问题如下:

Smith, an analyst in a local asset management firm, covers Brazil equities and directs brokerage to Brazil who pays Smith’s briefing trip to Brazil through a soft dollar arrangement. Smith is not sure that the broker’s execution is competitive and he decides to use commission dollars to pay for his hotel expenses. Does Smith violate the Code and Standards?

选项:

A.

Yes, Smith violates Standard III(A) by not knowing whether the commissions charged by Brazil are reasonable and using commission dollars to pay hotel expenses.

B.

Yes, Smith violates Standard III(A) only by using commission dollars to pay hotel expenses.

C.

No, Smith doesn't violate Code and Standards.

解释:

A is correct.

Smith violates Standard III(A) by not exercising her duty of loyalty to her clients. He should have determined whether the commissions charged by Brazil are reasonable in relation to the benefit of the research provided by the trip. The hotel expenses should not be paid for with commission dollars, which is client's asset.

Smith因为没有对客户旅行忠诚的责任而违反了准则III(A)。他应该确定Brazil提供的旅行是否直接有利于帮助客户做投资决策。佣金不可以用来付旅行的费用,因为佣金依然属于客户的钱。

RT,谢谢

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已采纳答案

王暄_品职助教 · 2022年09月29日

Soft dollar指当投资公司拿着客户给的commission去购买外部服务时:比如投资公司本身公司小,找了外部的交易员帮客户做交易,而外部交易员除了做交易,额外返还给投资公司的一些好处(因为为了竞争),例如research report等,这些叫做soft dollar。只有当soft dollar直接有利于为客户资产做投资,才能收。

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