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61 soft dollaring
See:Another reason managers are interested in controlling client commissions deserves special attention. "Soft dollaring" has got to be one of the most misunderstood and controversial practices in the money management business. The very term "soft dollars" suggests something shady and conjures up images of money exchanging hands in dark alleyways. Among laymen, soft dollars may be confused with "soft money" political contributions. There is a thin connection between "soft dollars" and "soft money." Since brokerage firms are not subject to the same rules pertaining to political contributions as municipal underwriting firms, large "soft money" contributions from owners of brokerage firms do find their way into politicians' coffers more easily than contributions from underwriters. However, it is important to not confuse the two terms.So what is "soft dollaring?" Soft dollaring is the practice whereby money managers use client brokerage commissions to purchase investment research. When a manager pays for products or services with his own money, directly from the research provider, this is referred to as "hard dollars." Payment with client commissions, financed through a brokerage firm, is referred to as "soft dollars." Through soft dollar arrangements money managers are permitted to shift an expense related to the management of assets they would otherwise have to bear, onto their clients. The amount of this research expense the money management industry transfers onto its clients is in the billions annually. As a result, any analysis of the economics of the money management industry should include the effects of soft dollaring; however, we are unaware of any that has. In the institutional marketplace, strange as it may seem, it is possible for a money manager to profit more from soft dollars than from the negotiated asset management fee he receives.The general rule under the federal and state securities laws is that a fiduciary, the money manager, cannot use client assets for his own benefit or the benefit of other clients. To simplify matters greatly, soft dollaring is a legally prescribed exception to this rule. Congress, the SEC and other regulators have agreed that as long as the research purchased assists the manager in making investment decisions, the clients benefit and its legally acceptable. A tremendous amount of strained analysis has gone into the precise policies and procedures that managers must follow in purchasing research with client commission dollars. Over the years a distinction has been made between "proprietary" research or in-house research distributed to brokerage customers without a price tag attached and "independent third-party" research or research written by a third party and sold to managers at a stated price. Third party research has been most frequently criticized because its cost is separately stated and the benefit to managers most obvious. In this latter case, a breach of fiduciary duty seems most glaring. However, it is well known that proprietary research, offered for "free, " is produced to stimulate sales of dealer inventory. So presumably this research lacks credibility and is less beneficial to clients. There have been distinctions drawn between products and services, such as computers, which are "mixed-use, " i.e., which may serve dual purposes, providing both research and administrative uses. An adviser must make a reasonable allocation of the cost of the product according to its uses, the SEC has said. Some portion must be paid for with "hard" dollars and the other with "soft." There are several articles in our Library of Articles that describe soft dollar practices, rule changes and our proposal to Chairman Levitt to reform the soft dollar business.The issue that soft dollaring raises is: when is it acceptable for a manager to benefit from his client's commissions? For purposes of this article we would like to introduce a new and more useful perspective for pensions in their analysis of soft dollars or any other brokerage issue. That is, all brokerage commissions controlled by managers, benefit managers in some way. Brokerage decision-making by managers rarely, if ever, is simply based upon what firm can execute the trade at the best price. Brokerage is a commodity. Almost all brokerage firms offer reasonably competent, "best execution" services. If they didn't, they'd get sued and soon be out of business. Most savvy brokerage marketers don't even try to differentiate their firms with long-winded explanations about best-execution capabilities. Best execution is a given and impossible to prove. If you want to understand how your money manager allocates brokerage, study his business as a whole, including his marketing and affiliates-not just the investment process.The new English-Russian dictionary of financial markets > soft dollaring
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62 function
1) функция, действие || функционировать; действовать- essential functions - routine function - safety-related functions2) функциональное назначение; роль- circuit function - intrinsic function - metering function - primary function - robot function - planning function - service function - support function4) функциональный узел ( машины)5) матем. функциональная зависимость, функция- absolutely additive function - absolutely bounded function - absolutely continuous function - absolutely integrable function - absolutely monotone function - absolutely summable function - absolutely symmetric function - almost complex function - almost continuous function - almost convex function - almost everywhere defined function - almost everywhere finite function - almost invariant function - almost periodic function - almost recursive function - almost separably-valued function - almost separating function - almost universal function - analytically independent function - analytically representable function - approximately differentiable function - asymptotically differentiable function - asymptotically finite function - asymptotically uniformly optimal function - bounded below function - cellwise continuous function - circumferentially mean p-valent function - comparison function - complementary error function - complete analytic function - completely additive function - completely computable function - completely monotone function - completely multiplicative function - completely productive function - completely subadditive function - completely symmetrical function - completely undefined function - complex hyperbolic function - conditional risk function - countably multiplicative function - countably valued function - covariant function - cumulative distribution function - cumulative frequency function - deficiency function - double limit function - doubly periodic function - doubly recursive function - effectively computable function - effectively constant function - effectively decidable function - effectively variable function - elementarily symmetric function - entire function of maximum type - entire function of mean type - entire function of potential type - entire function of zero type - entire rational function - essentially increasing function - essentially integrable function - essentially real function - essentially smooth function - everywhere differentiable function - everywhere smooth function - expansible function - explicitly definable function - exponentially convex function - exponentially decreasing function - exponentially increasing function - exponentially multiplicative function - exponentially vanishing function - finitely mean valent function - finitely measurable function - function of appropriate behavior - function of bounded characteristic - function of bounded type - function of bounded variation - function of complex variable - function of exponential type - function of finite genus - function of finite variation - function of fractional order - function of infinite type - function of integral order - function of maximal type - function of minimal type - function of mixed variables - function of normal type - function of number theory - function of one variable - function of rapid descent - function of rapid growth - function of real variable - general universal function - geometric carrier function - implicitly definable function - incomplete dibeta function - incomplete gamma function - incomplete tribeta function - incompletely defined function - inductively defined function - inductively integrable function - infinitely divisible function - infinitely many-valued function - integral logarithmic function - inverse trigonometric function - inverted beta function - iterative function - joint correlation function - joint density function - linearly separable function - locally bounded function - locally constant function - locally holomorphic function - locally homogeneous function - locally integrable function - locally negligible function - locally regular function - locally summable function - logarithmic generating function - logarithmic integral function - logarithmically infinite function - logarithmically plurisubharmonic function - logarithmically subharmonic function - lower semicontinuous function - monotone non-decreasing function - monotone non-increasing function - multiply periodic function - multiply recursive function - negative definite function - negative infinite function - nontangentially bounded function - normalized function - normed function - nowhere continuous function - nowhere differentiable function - nowhere monotonic function - n-times differentiable function - n-tuply periodic function - numeralwise expressible function - numeralwise representable function - numerical function - numerically valued function - oblate spheroidal function - operating characteristic function - optimal policy function - parametrically definable function - partially symmetric function - piecewise constant function - piecewise continuously differentiable function - piecewise linear function - piecewise monotonic function - piecewise polynomial function - piecewise quadratic function - piecewise regular function - piecewise smooth function - pointwise approximated function - positive homogeneous function - positive infinite function - positive monotone function - positive monotonic function - positive semidefinite function - potentially calculable function - potentially recursive function - power series function - probability generating function - quadratically summable function - rapidly damped function - rapidly decreasing function - rapidly oscillatory function - recursively continuous function - recursively convergent function - recursively defined function - recursively differentiable function - recursively divergent function - recursively extensible function - relative distribution function - relative frequency function - representing function - reproducing kernel function - residual function - residue function - scalarwise integrable function - scalarwise measurable function - sectionally smooth function - simply periodic function - singly recursive function - slowly increasing function - slowly oscillating function - slowly varying function - smoothly varying function - solid spherical harmonic function - solid zonal harmonic function - steadily increasing function - stopped random function - strictly convex function - strictly decreasing function - strictly increasing function - strictly integrable function - strictly monotone function - strongly differentiable function - strongly holomorphic function - strongly integrable function - strongly measurable function - strongly plurisubharmonic function - totally additive function - totally continuous function - totally measurable function - totally multiplicative function - totally positive function - triangular function - uniformly best decision function - uniformly bounded function - uniformly definable function - uniformly differentiable function - uniformly homotopic function - uniformly integrable function - uniformly limited function - uniformly measurable function - uniformly smooth function - unit step function - unitary divisor function - upper measurable function - upper semicontinuous function - weakly analytic function - weakly continuous function - weakly differentiable function - weakly holomorphic function - weakly measurable function - weakly singular function - weighted random functiondomain of a function — область определения функции, область изменения независимой переменной
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63 manifold
1) коллектор; магистраль2) гребёнка4) геом. многообразие5) патрубок6) анат. летошка7) рампа; батарея газовых баллонов8) многократный; многократно9) камера; распределитель10) многообразный; разнообразный; разнородный•manifold with boundary — многообразие с границей, многообразие с краем
- almost homogeneous manifold - almost orientable manifold - almost parallelizable manifold - almost smooth manifold - completely parallelizable manifold - finitely compact manifold - finitely triangulated manifold - globally harmonic manifold - holomorphically convex manifold - locally homogeneous complex manifold - locally plane manifold - locally symmetric manifold - locally trivial manifold - locally unknotted manifold - maximal integral manifold - orbitally asymptotically stable manifold - strongly harmonic manifold - unlimited covering manifold - weighted homogeneous manifoldmanifold without boundaries — многообразие без границ, многообразие с краем
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64 module
1) модуль || разбивать на модули2) блок, узел3) коэффициент4) строит. модульная секция•module in space — мат. модуль в пространстве
module on space — мат. модуль на пространстве
module with differentiation — мат. дифференциальный модуль, модуль с дифференциалом
module with filtration — мат. модуль с фильтрацией
module without torsion — мат. модуль без кручения
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65 representation
1) изображение2) отображение; представление•- completely irreducible representation - completely reduced representation - completely reducible representation - discrete representation - finitely related representation - identity representation - locally constant representation - locally faithful representation - strongly rational representation - totally reducible representation -
66 series
1) серия; ряд; последовательность2) геол. толща, свита3) мат. прогрессия; рядexpansion in a series — матем. разложение в ряд
series in a closed form — матем. ряд в замкнутом виде, замкнутый ряд
series in terms of powers of x — матем. ряд по степеням x
series with decreasing coefficients — матем. ряд с убывающими коэффициентами
to cut off a series — матем. обрывать ряд
to develop as series in x — матем. разлагать в ряд по степеням x
to expand in power series — матем. разлагать в степенной ряд
to expand into series — матем. разлагать в ряд
- absolutely divergent series - absolutely summable series - almost everywhere summable series - almost periodic series - almost stationary series - almost uniformly convergent series - completely convergent series - completely invariant series - configuration counting series - confluent hypergeometric series - dominating series - essentially divergent series - everywhere convergent series - everywhere divergent series - function counting series - inverse tangent series - monotonic increasing series - multidimensional time series - multivariate time series - nonuniformly convergent series - normally distributed series - normally summable series - randomly ordered series - slowly oscillating series - strongly summable series - unconditionally convergent series - uniformly bounded series - uniformly divergent series - uniformly summable series - upper central seriesto express as power series — матем. выражать в виде степенного ряда
4) цикл, сериал5) электр. последовательное соединение•connected in series with — электр. последовательно включённый
to place in series with — электр. включать последовательно
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67 chemical industry
химическая промышленность
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[ http://www.eionet.europa.eu/gemet/alphabetic?langcode=en]EN
chemical industry
Industry related with the production of chemical compounds. The chemical processing industry has a variety of special pollution problems due to the vast number of products manufactured. The treatment processes combine processing, concentration, separation, extraction, by-product recovery, destruction, and reduction in concentration. The wastes may originate from solvent extraction, acid and caustic wastes, overflows, spills, mechanical loss, etc. (Source: PZ)
[http://www.eionet.europa.eu/gemet/alphabetic?langcode=en]Тематики
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Англо-русский словарь нормативно-технической терминологии > chemical industry
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