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1 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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2 represent
1. III1) represent smth., smb. represent a constituency (Welsh constituencies, a Congressional District, a city. London, Great Britain, the queen, etc.) представлять избирательный округ или быть представителем избирательного округа и т.д.; represent smb.'s interests представлять чьи-л. интересы; since I cannot go he will represent me так как я пойти не смогу, он будет моим представителем;.an attorney represents his client адвокат выступает от имени своего клиента; who represents the defendant? кто защищает обвиняемого?2) represent smth., smb. represent a hunting scene (a ship, the end of the world, the murder of Abel, a Greek goddess, etc.) изображать сцену охоты и т.д.; facts are not as he represented them факты на самом деле не такие, какими он их представил; what does this painting represent? что изображает эта картина?; whom does this portrait represent? кто изображен /нарисован/ на этом портрете?; the picture represents Miss X dressed as Ophelia на картине изображена мисс X в костюме Офелии; represent Othello (a fool, a shepherd, a king, etc.) book, исполнять /играть/ роль Отелло и т.д.; he is somewhat old to represent Romeo book. он несколько староват для роли Ромео3) represent smth. represent a nation (the spirit of the people, their power, totality, etc.) олицетворять народ /нацию/ и т.д.; the flag represents the country флаг-символ страны; mythological personages often represent the force of nature мифологические персонажи /герои/ часто олицетворяют силы природы; phonetic signs represent sounds фонетические значки изображают звуки; on the map blue represents water голубей цвет на карте обозначает воду4) represent smth., smb. represent a very simple kind of boat (the best traditions of one's country, the modern businessman, etc.) быть образцом /служить примером/ простейшего типа лодки и т.д., представлять собой простейший тип лодки и т.д., he doesn't represent the typical college professor он не похож на типичного профессора2. IVrepresent smth., smb. in some manner1) faithfully (loyally, adequately, etc.) represent one's country (one's firm, one's king, etc.) преданно и т.д. служить своей стране и т.д., быть верным и т.д. представителем своей страны и т.д.2) represent smth., smb. symbolically (allegorically, realistically, faithfully, etc.) изображать что-л., кого-л. символически и т.д.3. VIIrepresent smth., smb. to be smth. I am not what you represent me to be я не такой, как вы меня описываете /изображаете/; he represented himself to be starving он изображал себя голодающим или выдавал себя за голодающего4. XI1) be represented invite to be represented предложить послать представителя; be representd by smb., smth. our firm is represented by Mr. Hall нашу фирму представляет мистер Холл; the nation is represented by the House of Commons нацию представляет палата общин; the works of Rembrandt were represented by one picture творчество Рембрандта было представлено одной картиной; be represented in smth. all the twelve guilds were represented in the procession все двенадцать гильдий были представлены в процессии; more than twelve languages are represented in his library в его библиотеке есть книги более чем на двенадцати языках; be represented in smth. by smb. our school is represented in the football team by him он представляет нашу школу в этой футбольной команде; be represented by counsel in a lawsuit иметь адвоката для ведения своего дела в суде2) be represented in some manner the idea is inadequately represented мысль выражена неточно; be represented as smb. his wife wishes to be represented as a shepherdess его жена хочет, чтобы художник нарисовал ее в виде пастушки3) be represented by smth. a genus represented by two species род, представленный двумя видами5. XXI11) represent smth., smb. in (at, etc.) smth. represent a country (a government, etc.) at /in/ a conference (at a ceremony, in the procession, etc.) представлять страну /быть представителем страны/ и т.д. на конференции и т.д.; he represented us in Congress for years он наш представитель в конгрессе уже в течение многих лет; he represents our country in the Olympic Games он представляет нашу страну на олимпиаде2) represent smb., smth. in (with, by, etc.) smth. represent smb. in hunting costume (him in his robes of office, the Hindoo god of fire and lightning with two faces, seven arms and three legs, the earth by a globe, etc.) изображать кого-л. в охотничьем костюме и т.д.; represent smb., smth. on (in, at, etc.) smth. each child represented an animal on the stage (at the party, in the play, etc.) каждый ребенок играл /исполнял/ на сцене и т.д. роль [какого-л.] животного6. XXIV11) represent smth. as smb. represent a club as its chief executive представлять какой-л. клуб в качестве главного администратора2) represent smb. as smb. represent smb. as a shepherdess (as a beggar, etc.) изображать /рисовать/ кого-л. в виде пастушки и т.д.; represent smb. as smb., smth. represent smb. as an expert (as the chief conspirator, as a faithless fanatic, as a model of virtue, etc.) характеризовать /представлять/ кого-л. как /в качестве/ эксперта и т.д.; she represented herself as his wife она выдавала себя за его жену7. XXIV2represent smb., smth. as being of some quality he represented his father as stern and unjust он изобразил /описал/ своего отца суровым и несправедливым человеком; he represents himself as more important than he is он изображает себя более значительным лицом, чем он есть на самом деле; represent a plan as safe охарактеризовать /описать/ план, как надежный /безопасный/ -
3 information
nинформация, сведения, данные
- accounting information
- accurate information
- acquired information
- additional information
- adequate information
- advance information
- adverse information
- ancillary information
- a priori information
- available information
- background information
- backup information
- bulk information
- brief information
- business information
- classified information
- collected information
- commercial information
- complete information
- comprehensive information
- confidential information
- confidential client information
- contradictory information
- cost information
- credit information
- critical information
- customer information
- delivery information
- design information
- detailed information
- economic information
- engineering information
- exact information
- exhaustive information
- export information
- factual information
- false information
- favourable information
- feedback information
- financial information
- first-hand information
- follow-up information
- foreign information
- full information
- general information
- helpful information
- immediate information
- important information
- inadequate information
- incomplete information
- input information
- inside information
- insider information
- insufficient information
- internal information
- know-how information
- legal information
- management information
- market information
- market sensitive information
- mutual information
- newspaper information
- nonpublic information
- null information
- objective information
- obtained information
- official information
- one-sided information
- on-line information
- operational information
- operational exchange information
- output information
- patent information
- perfect information
- pertinent information
- practical information
- precise information
- preliminary information
- price information
- pricing information
- printed information
- prior information
- privileged information
- processed information
- product information
- proprietary information
- received information
- reciprocal information
- redundant information
- relative information
- relevant information
- reliable information
- requested information
- required information
- sample information
- scientific information
- secret information
- segment information
- service information
- source information
- statistical information
- strictly confidential information
- subjective information
- sufficient information
- summarized information
- supplementary information
- tariff information
- technical information
- technological information
- true information
- true and fair information
- trustworthy information
- truthful information
- unclassified information
- up-to-date information
- useful information
- valuable information
- visual information
- vital information
- information from abroad
- according to fuller information
- according to preliminary information
- for your information
- acquire information
- analyse information
- apply for information
- ask for information
- assess information
- collect information
- compile information
- contain information
- derive information
- digest information
- disclose information
- discuss information
- dissiminate information
- divulge information
- enclose information
- estimate information
- evaluate information
- exchange information
- fake information
- furnish information
- gather information
- get information
- give information
- input information
- keyboard information onto a database
- obtain information
- pass information
- process information
- provide information
- provide with information
- receive information
- render information
- request information
- seek information
- send information
- share information
- spread information
- submit information
- supply information
- take information
- transfer information
- transmit information
- turn over information
- update informationEnglish-russian dctionary of contemporary Economics > information
См. также в других словарях:
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