问题如下图：
选项：
A. 
B. 
C. 
解释：
发亮_品职助教 · 2019年04月02日
题干大概是这样：
Carter是一家资管公司的员工，另一家为Carter他们公司提供研究报告服务的经纪商（Broker）开发了一个新业务。
Broker开发的新业务是：只提供交易（execution-only）、低费用的服务。（和这个新业务对应的就是老业务：传统的全包（Full serivce）业务，包括提供交易和研报服务）。
然后这家经纪商(Broker)为了吸引Carter他们公司给他拉来更多的客户，Broker就为Carter他们公司提供了全包业务（交易+研报），但是收费是新业务（只提供交易的业务）的收费。等于说以一个低收费提供了一个全包业务。
然后Carter本身一直都对Broker提供全包业务的交易（Execution）很满意，并且新业务的费用和其他经纪商同等业务的费用相比也是差不多的。
然后问选项哪个正确。
这道题涉及到的准则是：
Standard III (A) Loyalty, prudence and care，这条准则大的框架包括两条，其中和本题有关的一条为：
CFA会员考生应该：Must act for the benefit of their clients and place their clients' interests before their employer's or their own interests.
总之就是应该将客户的利益放在第一位，并以该准则行事；
再具体点，涉及到的知识点是该准则下的：Soft dollar commission。
基金公司利用Broker下单交易，会产生一笔佣金费用（Commission)，这笔佣金费用是从客户账户里出的，所以佣金费用这笔钱本身是属于客户的钱。
而基金公司是可以选择Broker帮助下单交易的，而不同的Broker收取的佣金费用不同，这里就牵扯到一个选择哪种Broker的问题。
选Broker的一个大原则就是Best execution，Best price，因为花的是客户的钱，所以要达到物美价廉：能提供好的下单服务，且费用较低。
从题干：Carter has always been satisfied with the execution provided on the full-service trades, and the new low-fee trades are comparable to the fees of other brokers currently used for the accounts prohibit soft dollar arrangements.
这句可以看出，Carter对这家Broker的Execution很满意，且这家Broker的价格合适。所以本题的Broker符合选择Broker的原则。
第二点就是，很多经纪商为了吸引基金公司在他们那下单，会提供其他服务，比如提供研报的服务、配置电脑、提供终端等。
前面说过佣金费Commission本身就属于客户的钱。某家Broker收取的佣金费高，可能就是因为他们为基金公司提供了研报服务，所以等于说是基金经理利用客户的钱买了研报的服务。所以该研报就属于客户的资产，只能利用于帮助为该客户的账户交易。
而这种研报等，就是"Soft dollar"。
Soft dollar的一大原则就是：谁出的钱，只能给谁的账户做投资决策用。基金公司、基金经理不能私用。
基金经理虽然不能动用客户的钱，但是利用客户账户交易时可以选择不同的Broker，而不同的Broker除了下单外，会提供不同的额外服务，基金经理利用支付额外的交易佣金获得的这些额外服务就是“Soft dollar”，这些额外的服务本身就是属于客户的。
而有些客户的账户，是不允许Soft dollar存在的，所以就是说客户的佣金只能是为了下单，不能买其他的服务。这就是本题说的Prohibit soft dollar arrangements。
到这里本题就可以解这道题了，Carter管理的账户虽然享受的是全包服务（交易下单+研报），但是支付的只是下单费用，只付了交易费用，没有额外支付钱，所以不存在Soft dollar。
第二点就是：Carter本身对Broker的下单交易很满意，且这家Broker的费用合理，所以是Best execution。
结合以上两点就知道，Carter的所有基金账户都可以用该Broker。
B选项错误，因为新业务的研报服务是免费的，新业务的费用只是交易费，不存在Soft dollar，所以即便是禁止Soft dollar的账户，也可以用该业务。
SUN · 2020年03月15日
从一级就困惑我的一道题终于搞清楚了，感谢
陈Shelly · 2020年11月11日
请问交易费用不属于soft dollar范围内是吗？所以Broker提供的服务方面包含交易和投研 但是投研（属于soft dollar业务）不收费，所以不选B 对吗？
每天都想出坑的铁头娃 · 2021年04月24日
这题终于是通了。没别的，给发亮老师打call！
zkii · 2021年05月25日
每次看亮哥的评论都眼前一亮。
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