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HG · 2020年07月17日

课后题2

27 Carter works for Invest Today, a local asset management firm. A broker that provides Carter with proprietary research through client brokerage arrange

ments is offering a new trading service. The broker is offering low-fee, execution-only trades to complement its traditional full- service, execution- and- research trades. To entice Carter and other asset managers to send additional business its way, the broker will apply the commissions paid on the new service toward satisfying the brokerage commitment of the prior full-service arrange

ments. 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 that prohibit soft dollar arrangements.

A Carter can trade for his accounts that prohibit soft dollar arrangements under the new low-fee trading scheme.

B Carter cannot use the new trading scheme because the commissions are prohibited by the soft dollar restrictions of the accounts.

C Carter should trade only through the new low- fee scheme and should increase his trading volume to meet his required commission commitment.

答案:A。这道题是不是在描述C因为满足了一定的条件,所以可以享受low-fee trades的好处,首先这算是soft dollar吗?其次因为low-fee trades和市场上不允许使用soft dollar的账户的fee差不多,所以就可以认为C能把这个low-fee trade用到自己的不允许使用soft dollar的账户上?是这个理解吗?感觉这两者不存在什么联系啊。。。

1 个答案

王暄_品职助教 · 2020年07月19日

嗨,爱思考的PZer你好:


1.“这道题是不是在描述C因为满足了一定的条件,所以可以享受low-fee trades的好处,首先这算是soft dollar吗?”

不是soft dollar,这是broker新提供的low-fee, execution only trade,你就看作broker新出的一种产品,只提供交易服务,没有其他服务,没有soft dollar,所以价格低。

 

2.“其次因为low-fee trades和市场上不允许使用soft dollar的账户的fee差不多,所以就可以认为C能把这个low-fee trade用到自己的不允许使用soft dollar的账户上?是这个理解吗?感觉这两者不存在什么联系啊。。。”

因为Carter手上也管理一些禁止收取Soft dollar的账户,且这家broker之前是有soft dollar的,所以Cater没有将这些禁止收取soft dollar的账户交给这家broker做交易。那么现在这家broker推出了low-fee execution only trade(没有soft dollar),且价格和其他broker差不多,且Carter很满意这家broker 的交易。那么Cater就可以把禁止收取soft dollar的账户从其他broker转到这家broker。


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