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月乔DD · 2020年12月01日

问一道题:NO.PZ2016040301000028

问题如下:

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

选项:

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.

解释:

A is correct.

Answer The question relates to Standard III(A) –Loyalty, Prudence, and Care. Carter believes the broker offers effective execution at a fee that is comparable with those of other brokers, so he is free to use the broker for all accounts. Answer B is incorrect because the accounts that prohibit soft dollar arrangements do not want to fund the purchase of research by Carter. The new trading scheme does not incur additional commissions from clients, so it would not go against the prohibitions. Answer C is incorrect because Carter should not incur unnecessary or excessive "churning" of the portfolios (excessive trading) for the purpose of meeting the brokerage commitments of soft dollar arrangements.

the broker will apply the commissions paid on the new service toward satisfying the brokerage commitment of the prior full-service arrangements

请问如果这句话的意思是:新服务的佣金用于满足之前承诺过的full service的安排,那不就是继续包含soft dollar的意思么?就不能说明新的业务不包含soft dolloar对吧?

1 个答案

Debrah_品职答疑助手 · 2020年12月02日

嗨,爱思考的PZer你好:


同学你好,这里是carter的broker想要搞一个新的execution的服务,原来是full-service,就是broker不光要提供execution服务,还要提供一些研究报告等其他服务,研究报告是broker提供给portfolio manager的,所以是soft dollar。现在这个新的服务只提供execution,所以收费低。然后问的是carter能不能用这个新的服务,当然可以,因为没有soft dollar更好,我们条款里面说禁止manager接受不能直接有利于给客户做投资决策的soft dollar。
 


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