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兔小兔 · 2020年03月23日

问一道题：NO.PZ2018062009000028

  1. CFA II
  2. Ethics

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.

A选项 的前面一般是怎么选出来的 hard dollar 和soft dollar 有什么区别

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发亮_品职助教 · 2020年03月24日

嗨，从没放弃的小努力你好：


基金公司管理投资者的资金、在交易的时候，会选择合适的Broker帮助下单完成交易。

因为是帮助客户的账户进行交易，所以交易产生的费用由投资者的资金出。这样的话，虽然基金公司不能随便花费客户账户里的钱，但是基金公司可以选择不同的Trader，每家Trader的收费不同，所以客户账户交多少交易费用，其实是由基金经理决定的。

每家Trader为了竞争，会提供不同的交易费用，可能还会附加一些其他业务。例如，有一些Trader为了吸引基金经理在他那里交易，会给基金经理提供额外的研报服务，提供数据终端服务等。基金经理可能会为了这些服务，额外付出了一些交易费用，注意，这笔交易费用是由客户出的，所以研报，数据终端等服务本质上是客户购买的，这部分额外购买的研报、数据终端服务，就称为Soft dollar，或者Trader返还给基金经理的额外服务称为Soft dollar。

之所以称为Soft dollar，是因为他不是真实的钱，但是基金经理却能用客户的资金购买。因为基金经理可以支配Soft dollar，所以CFA道德准则对Soft dollar的使用有严格的限制。因为Soft dollar来自客户账户里的资金，所以Soft dollar只能服务于客户，原则上是谁的账户买的，对应的研报，数据终端只能服务于这个账户。

如果说Trader，返还给基金经理的Soft dollar是机票，旅游等，或者基金经理点名说返还世界杯门票，旅行报销等，那这明显就违背了Soft dollar的使用原则。Soft dollar只能用于基金经理帮助客户投资的事项。

所以简单来说，基金经理为了帮客户投资会选择外部机构，外部机构会返还给基金经理一些额外的“好处”，这些“好处”本质上是客户购买的，例如，研报，数据终端等，这些额外的服务可以称为Soft dollar。这些Soft dollar本质上是客户买的，是从客户Commission fee里扣掉的，所以属于客户的资产、只能用于客户的投资。

而Hard dollar，就是外部机构返还给基金经理的Cash。关于Hard /Soft dollar我们没有涉及了，只需掌握Soft dollar属于客户资产，只能用于有利于客户即可。


-------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！


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