问一道题：NO.PZ2016040303000028 [ CFA III ]

NO.PZ2016040303000028 问题如下 Carter works for Invest Toy, a locasset management firm. A broker thprovis Carter with proprietary researthrough client brokerage arrangements is offering a new trang service. The broker is offering low-fee, execution-only tras to complement its trationfull-service, execution-anreseartras. To entiCarter another asset managers to senaitionbusiness its way, the broker will apply the commissions paion the new servitowarsatisfying the brokerage commitment of the prior full-serviarrangements. Carter halways been satisfiewith the execution provion the full-servitras, anthe new low-fee tras are comparable to the fees of other brokers currently usefor the accounts thprohibit soft llarrangements. A.Carter ctra for his accounts thprohibit soft llarrangements unr the new low-fee trang scheme. B.Carter cannot use the new trang scheme because the commissions are prohibitethe soft llrestrictions of the accounts. C.Carter shoultra only through the new low-fee scheme anshoulincrease his trang volume to meet his requirecommission commitment. is correct.Answer The question relates to StanrIII(–Loyalty, Prunce, anCare. Carter believes the broker offers effective execution a fee this comparable with those of other brokers, so he is free to use the broker for all accounts. Answer B is incorrebecause the accounts thprohibit soft llarrangements not want to funthe purchase of researCarter. The new trang scheme es not incur aitioncommissions from clients, so it woulnot go against the prohibitions. Answer C is incorrebecause Carter shoulnot incur unnecessary or excessive \"churning\" of the portfolios (excessive trang) for the purpose of meeting the brokerage commitments of soft llarrangements. 如题，麻烦一下这2个问题，谢谢

NO.PZ2016040303000028 问题如下 Carter works for Invest Toy, a locasset management firm. A broker thprovis Carter with proprietary researthrough client brokerage arrangements is offering a new trang service. The broker is offering low-fee, execution-only tras to complement its trationfull-service, execution-anreseartras. To entiCarter another asset managers to senaitionbusiness its way, the broker will apply the commissions paion the new servitowarsatisfying the brokerage commitment of the prior full-serviarrangements. Carter halways been satisfiewith the execution provion the full-servitras, anthe new low-fee tras are comparable to the fees of other brokers currently usefor the accounts thprohibit soft llarrangements. A.Carter ctra for his accounts thprohibit soft llarrangements unr the new low-fee trang scheme. B.Carter cannot use the new trang scheme because the commissions are prohibitethe soft llrestrictions of the accounts. C.Carter shoultra only through the new low-fee scheme anshoulincrease his trang volume to meet his requirecommission commitment. is correct.Answer The question relates to StanrIII(–Loyalty, Prunce, anCare. Carter believes the broker offers effective execution a fee this comparable with those of other brokers, so he is free to use the broker for all accounts. Answer B is incorrebecause the accounts thprohibit soft llarrangements not want to funthe purchase of researCarter. The new trang scheme es not incur aitioncommissions from clients, so it woulnot go against the prohibitions. Answer C is incorrebecause Carter shoulnot incur unnecessary or excessive \"churning\" of the portfolios (excessive trang) for the purpose of meeting the brokerage commitments of soft llarrangements. 老师好，是不是看到类似execution-anreseartras不单单针对execution收费，要加其他项目的，就能说明有soft llar？

NO.PZ2016040303000028 问题如下 Carter works for Invest Toy, a locasset management firm. A broker thprovis Carter with proprietary researthrough client brokerage arrangements is offering a new trang service. The broker is offering low-fee, execution-only tras to complement its trationfull-service, execution-anreseartras. To entiCarter another asset managers to senaitionbusiness its way, the broker will apply the commissions paion the new servitowarsatisfying the brokerage commitment of the prior full-serviarrangements. Carter halways been satisfiewith the execution provion the full-servitras, anthe new low-fee tras are comparable to the fees of other brokers currently usefor the accounts thprohibit soft llarrangements. A.Carter ctra for his accounts thprohibit soft llarrangements unr the new low-fee trang scheme. B.Carter cannot use the new trang scheme because the commissions are prohibitethe soft llrestrictions of the accounts. C.Carter shoultra only through the new low-fee scheme anshoulincrease his trang volume to meet his requirecommission commitment. is correct.Answer The question relates to StanrIII(–Loyalty, Prunce, anCare. Carter believes the broker offers effective execution a fee this comparable with those of other brokers, so he is free to use the broker for all accounts. Answer B is incorrebecause the accounts thprohibit soft llarrangements not want to funthe purchase of researCarter. The new trang scheme es not incur aitioncommissions from clients, so it woulnot go against the prohibitions. Answer C is incorrebecause Carter shoulnot incur unnecessary or excessive \"churning\" of the portfolios (excessive trang) for the purpose of meeting the brokerage commitments of soft llarrangements. 1.the accounts thprohibit soft llarrangements.说明客户的账户是不允许有 soft llarrangements.对吧？只不过这家broker有了新产品（ low-fee, execution-only tras ）且没有soft ll，所以才让他去做。所以，如果这家broker没有新产品，那肯定不能找他们去做了。2.A broker一般收取什么费用？ client brokerage arrangements 指什么？（谁给谁的fee） the commissions 指什么？（谁给谁的fee）

NO.PZ2016040303000028 问题如下 Carter works for Invest Toy, a locasset management firm. A broker thprovis Carter with proprietary researthrough client brokerage arrangements is offering a new trang service. The broker is offering low-fee, execution-only tras to complement its trationfull-service, execution-anreseartras. To entiCarter another asset managers to senaitionbusiness its way, the broker will apply the commissions paion the new servitowarsatisfying the brokerage commitment of the prior full-serviarrangements. Carter halways been satisfiewith the execution provion the full-servitras, anthe new low-fee tras are comparable to the fees of other brokers currently usefor the accounts thprohibit soft llarrangements. A.Carter ctra for his accounts thprohibit soft llarrangements unr the new low-fee trang scheme. B.Carter cannot use the new trang scheme because the commissions are prohibitethe soft llrestrictions of the accounts. C.Carter shoultra only through the new low-fee scheme anshoulincrease his trang volume to meet his requirecommission commitment. is correct.Answer The question relates to StanrIII(–Loyalty, Prunce, anCare. Carter believes the broker offers effective execution a fee this comparable with those of other brokers, so he is free to use the broker for all accounts. Answer B is incorrebecause the accounts thprohibit soft llarrangements not want to funthe purchase of researCarter. The new trang scheme es not incur aitioncommissions from clients, so it woulnot go against the prohibitions. Answer C is incorrebecause Carter shoulnot incur unnecessary or excessive \"churning\" of the portfolios (excessive trang) for the purpose of meeting the brokerage commitments of soft llarrangements. 题干都没看懂，麻烦老师详细讲解一下。

NO.PZ2016040303000028问题如下Carter works for Invest Toy, a locasset management firm. A broker thprovis Carter with proprietary researthrough client brokerage arrangements is offering a new trang service. The broker is offering low-fee, execution-only tras to complement its trationfull-service, execution-anreseartras. To entiCarter another asset managers to senaitionbusiness its way, the broker will apply the commissions paion the new servitowarsatisfying the brokerage commitment of the prior full-serviarrangements. Carter halways been satisfiewith the execution provion the full-servitras, anthe new low-fee tras are comparable to the fees of other brokers currently usefor the accounts thprohibit soft llarrangements.A.Carter ctra for his accounts thprohibit soft llarrangements unr the new low-fee trang scheme.B.Carter cannot use the new trang scheme because the commissions are prohibitethe soft llrestrictions of the accounts.C.Carter shoultra only through the new low-fee scheme anshoulincrease his trang volume to meet his requirecommission commitment.is correct.Answer The question relates to StanrIII(–Loyalty, Prunce, anCare. Carter believes the broker offers effective execution a fee this comparable with those of other brokers, so he is free to use the broker for all accounts. Answer B is incorrebecause the accounts thprohibit soft llarrangements not want to funthe purchase of researCarter. The new trang scheme es not incur aitioncommissions from clients, so it woulnot go against the prohibitions. Answer C is incorrebecause Carter shoulnot incur unnecessary or excessive \"churning\" of the portfolios (excessive trang) for the purpose of meeting the brokerage commitments of soft llarrangements.To entiCarter another asset managers to senaitionbusiness its way, the broker will apply the commissions paion the new servitowarsatisfying the brokerage commitment of the prior full-serviarrangements.后半句的意思是不是说asset manager买了execution only 的付给broker的commision ，broker会用于更好服务买了full service的客户。这句话让我觉得有soft llar，或者没有把客户的钱花在客户身上（比如该客户如果是收到了execution服务，而没有full service的account）谢谢