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1 distributed practice
1) Психология: распределенное научение (тренировка)2) Психоанализ: распределенная тренировка -
2 distributed practice
Англо-русский словарь по психоаналитике > distributed practice
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3 distributed practice of learning
Авиационная медицина: практика распредёленного по времени обученияУниверсальный англо-русский словарь > distributed practice of learning
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4 distributed practice of learning
Англо-русский словарь по авиационной медицине > distributed practice of learning
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5 distributed practice (learning)
English-Russian dictionary of program "Mir-Shuttle" > distributed practice (learning)
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6 poor-due (In Islamic practice, a tax at fixed rate in proportion to the worth of property, collected from the well-to-do and distributed among the poor Muslims)
Религия: закатУниверсальный англо-русский словарь > poor-due (In Islamic practice, a tax at fixed rate in proportion to the worth of property, collected from the well-to-do and distributed among the poor Muslims)
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7 DP
1) Авиация: depressurisation, power distribution panel, differential protection2) Американизм: Development Permit, Displaced Persons3) Спорт: Dodge Points, Double Points, Dragon Punch4) Военный термин: Damage Points, Defensive Points, Delegated Production, Deputy for Personnel, Development Program, Director of Personnel, Director of Programs, Directorate of Production, Drawing Package, Duplicate Positive, data packet, debussing point, deep penetration, defense procurement, definition phase, delayed procurement, delivery point, departure point, depot maintenance, description pattern, detained pay, detection probability, detention of pay, detrucking point, development phase, development plan, development proposal, development prototype, directing point, disabled person, dispatch point, dispersal point, displaced person, display package, display panel, disposal procedure, distributing point, double-purpose gun, drill pay, drill practice, drill purpose, driving power, drop point, dry powder, duty position, Ди-Пи (дифосген), дифосген (ОВ удушающего действия), diphosgene5) Техника: data plotting, data printer, data processing technician, diagnostic procedure, diastatic power, digit presentation, diode plate, dipole, display processor, double-pole switch, drain pump, drive pipe, dual-processor, dynamic power6) Сельское хозяйство: digestible protein7) Шутливое выражение: Darren's Page, Drunken Panda8) Химия: Dry Process9) Математика: двойная точность (double precision), динамическое программирование (dynamic programming), дискретный параметр (discrete parameter)10) Юридический термин: Duly Performed11) Коммерция: development partnership12) Бухгалтерия: Down Payment13) Страхование: Duty point14) Биржевой термин: Depository Participant15) Грубое выражение: Double Plays16) Сокращение: Democratic Party, Dial Pulse, Diphosgene (Chemical warfare choking agent), Displaced Persons (expelled from native land), Display Postscript, Disruptive Pattern, Distribution Point, Double Penetration, Dual Purpose (gun for surface or AA use), Dynamic Programming, dampproofing, deck piercing, deflection plate, demand meter, printing, double-pole, drill plate, dripproof, dry battery, dual-purpose, two-pole, dashpot (relay), Draft Printer, difference of potential17) Физика: Dynamically Positioned18) Физиология: Deep pulse, Diastolic Pressure, Disease Proof, Distal pulses, Dorsalis pedis pulse19) Электроника: Descriptive Polarity20) Вычислительная техника: document publishing, draft proposal, Detection Point (IN), Draft Proposal (ISO), Dial Pulse (Telephony), Displaced Persons (expelled from native land), предварительное сообщение, процессор для обработки данных21) Нефть: datum plane, drill pipe, ship dynamic-positioning ship, План освоения месторождения, бурильная труба (drill pipe), вероятность обнаружения (отказа, detection probability), динамическое позиционирование (буровых судов и оснований), забивная труба22) Биохимия: Dispersed Phase23) Картография: Domestic Photomap24) Банковское дело: документы против платежа (documents against payment)25) Геофизика: линия приведения, плоскость приведения, уровень приведения26) Транспорт: Departure Procedure27) Фирменный знак: Dura Power28) СМИ: Democrat Post29) Деловая лексика: Design Performance, Developer Preview30) Бурение: drillpipe, буровая труба, drill-pipe31) Глоссарий компании Сахалин Энерджи: dynamic positioning, depentanized (fractionated to remove pentane and lighter components)32) Сетевые технологии: Data Packets, Decentralized Peripheral, Dynamic Profile, data processing, data processor, dual processor33) Полимеры: Draft Project, average degree of polymerization, degree of polymerization, difference of potentials, differential pressure, dimeric polymer, double-base propellant, durable press34) Программирование: Define Property35) Автоматика: design parameters, diametral pitch, протокол DP, distributed peripheral36) Сахалин Р: Decision Point37) Химическое оружие: Defense programs, Design phase38) Физическая химия: declustering potential (в масс-спектроскопии)39) Макаров: depth, differential phase, distributed processing, double-play40) Безопасность: Data Privacy, Diverse Protection41) Расширение файла: Calendar file (Daily Planner), Data file (DataPhile), Primary data file (THOR database)42) Электрохимия: температура конденсации43) SAP.тех. обработка данных44) Электротехника: distance protection45) Имена и фамилии: David Prior, Davis Putnam46) Должность: Director Of Photography, Doctor Of Paediatrics47) Чат: Digital Performer48) Правительство: Dog Patch49) NYSE. Diagnostic Products Corporation50) Программное обеспечение: Diagnostic Program51) Единицы измерений: Decimal Places -
8 dp
1) Авиация: depressurisation, power distribution panel, differential protection2) Американизм: Development Permit, Displaced Persons3) Спорт: Dodge Points, Double Points, Dragon Punch4) Военный термин: Damage Points, Defensive Points, Delegated Production, Deputy for Personnel, Development Program, Director of Personnel, Director of Programs, Directorate of Production, Drawing Package, Duplicate Positive, data packet, debussing point, deep penetration, defense procurement, definition phase, delayed procurement, delivery point, departure point, depot maintenance, description pattern, detained pay, detection probability, detention of pay, detrucking point, development phase, development plan, development proposal, development prototype, directing point, disabled person, dispatch point, dispersal point, displaced person, display package, display panel, disposal procedure, distributing point, double-purpose gun, drill pay, drill practice, drill purpose, driving power, drop point, dry powder, duty position, Ди-Пи (дифосген), дифосген (ОВ удушающего действия), diphosgene5) Техника: data plotting, data printer, data processing technician, diagnostic procedure, diastatic power, digit presentation, diode plate, dipole, display processor, double-pole switch, drain pump, drive pipe, dual-processor, dynamic power6) Сельское хозяйство: digestible protein7) Шутливое выражение: Darren's Page, Drunken Panda8) Химия: Dry Process9) Математика: двойная точность (double precision), динамическое программирование (dynamic programming), дискретный параметр (discrete parameter)10) Юридический термин: Duly Performed11) Коммерция: development partnership12) Бухгалтерия: Down Payment13) Страхование: Duty point14) Биржевой термин: Depository Participant15) Грубое выражение: Double Plays16) Сокращение: Democratic Party, Dial Pulse, Diphosgene (Chemical warfare choking agent), Displaced Persons (expelled from native land), Display Postscript, Disruptive Pattern, Distribution Point, Double Penetration, Dual Purpose (gun for surface or AA use), Dynamic Programming, dampproofing, deck piercing, deflection plate, demand meter, printing, double-pole, drill plate, dripproof, dry battery, dual-purpose, two-pole, dashpot (relay), Draft Printer, difference of potential17) Физика: Dynamically Positioned18) Физиология: Deep pulse, Diastolic Pressure, Disease Proof, Distal pulses, Dorsalis pedis pulse19) Электроника: Descriptive Polarity20) Вычислительная техника: document publishing, draft proposal, Detection Point (IN), Draft Proposal (ISO), Dial Pulse (Telephony), Displaced Persons (expelled from native land), предварительное сообщение, процессор для обработки данных21) Нефть: datum plane, drill pipe, ship dynamic-positioning ship, План освоения месторождения, бурильная труба (drill pipe), вероятность обнаружения (отказа, detection probability), динамическое позиционирование (буровых судов и оснований), забивная труба22) Биохимия: Dispersed Phase23) Картография: Domestic Photomap24) Банковское дело: документы против платежа (documents against payment)25) Геофизика: линия приведения, плоскость приведения, уровень приведения26) Транспорт: Departure Procedure27) Фирменный знак: Dura Power28) СМИ: Democrat Post29) Деловая лексика: Design Performance, Developer Preview30) Бурение: drillpipe, буровая труба, drill-pipe31) Глоссарий компании Сахалин Энерджи: dynamic positioning, depentanized (fractionated to remove pentane and lighter components)32) Сетевые технологии: Data Packets, Decentralized Peripheral, Dynamic Profile, data processing, data processor, dual processor33) Полимеры: Draft Project, average degree of polymerization, degree of polymerization, difference of potentials, differential pressure, dimeric polymer, double-base propellant, durable press34) Программирование: Define Property35) Автоматика: design parameters, diametral pitch, протокол DP, distributed peripheral36) Сахалин Р: Decision Point37) Химическое оружие: Defense programs, Design phase38) Физическая химия: declustering potential (в масс-спектроскопии)39) Макаров: depth, differential phase, distributed processing, double-play40) Безопасность: Data Privacy, Diverse Protection41) Расширение файла: Calendar file (Daily Planner), Data file (DataPhile), Primary data file (THOR database)42) Электрохимия: температура конденсации43) SAP.тех. обработка данных44) Электротехника: distance protection45) Имена и фамилии: David Prior, Davis Putnam46) Должность: Director Of Photography, Doctor Of Paediatrics47) Чат: Digital Performer48) Правительство: Dog Patch49) NYSE. Diagnostic Products Corporation50) Программное обеспечение: Diagnostic Program51) Единицы измерений: Decimal Places -
9 fire
огонь; стрельба; ркт. пуск; обстрел; пожар; зажигать, воспламенять; вести огонь; стрелять; производить выстрел; см. тж. engagement; firing; shootingbring fire to bear (on) — обрушивать огонь, обстреливать
dedicate the fires of a battery (to a unit) — ставить задачу (батарее) на специальную огневую поддержку (части)
— aerial fires— APC fire— close-supporting fire— counterbattery neutralization fire— direct-supporting fire— general supporting fire— gun fire— indirect laying fire— live ammunition fire— overwatching fire— post-action fires— single shot fire— smoke laying fire— spluttered fire— supporting fire— throw fire into— turn fire on -
10 application
ˌæplɪˈkeɪʃən сущ.
1) просьба;
заявление;
форма заявления to file an application, make an application, put in an application, send in an application, submit an application ≈ подавать заявление, подавать прошение to reject application, turn down application ≈ отказать в прошении to withdraw an application ≈ забирать прошение membership application ≈ заявление с просьбой о членстве в какой-л. организации written application ≈ письменное прошение, письменное заявление application for financial aid ≈ просьба о финансовой помощи application for admission to a university ≈ заявление о приеме в университет He filed an application to be admitted to the intensive course. ≈ Он подал заявление о приеме на интенсивный курс. Syn: petition, request, formal request
2) применение, использование, употребление;
приложение;
применимость application of new techniques ≈ применение новой техники the place of application of a force ≈ место приложения силы new applications for old remedies ≈ новые приложения старых средств Syn: use
3) прикладывание, накладывание;
нанесение
4) мат. наложение
5) компресс oily application for dry skin ≈ масляный компресс для сухой кожи
6) аппликация, вышивка
7) применение (лекарства) single application ≈ одноразовое применение лекарственного средства Rheumatic pains cured by the application of spirits of camphor. ≈ Ревматические боли снимаются применением камфарного спирта.
8) прилежание, старание, усердие to succeed by application to one's studies ≈ добиваться успеха благодаря прилежанию в занятиях Syn: diligence I, attention
1), assiduous effort
9) компьют. прикладная задачазаявление;
заявка - written * письменное заявление - * form бланк заявки;
бланк для заявления - * for the position заявление о зачислении на должность - to get books on * получить книги по заявке - to send in an * подать заявление просьба, обращение - * for help просьба о помощи - to refuse an * отказать в просьбе - * to smb. for smth. обращение к кому-либо за чем-либо (юридическое) заявление, письменное ходатайство суду или судье применение, приложение;
использование - * of atomic energy for peaceful purposes применение атомной энергии в мирных целях - * of a theory in actual practice применение теории в практической деятельности - * of the law to the present case применение закона к данному случаю - such terms have no * with it такие термины неприменимы к этому применение, употребление - for external * only только для наружного употребления (о лекарстве) - * of force( физическое) приложение силы прикладывание, накладывание;
нанесение (слоя вещества) - * of dressing to a wound наложение повязки на рану - * of ice to the forehead прикладывание льда ко лбу - * of forceps (медицина) наложение акушерских щипцов (математика) наложение (сельскохозяйственное) (профессионализм) внесение удобрений или ядохимикатов - heavy * обильное удобрение - supplemental * дополнительное удобрение, подкормка - liberal * повышенное удобрение - light * внесение малых доз( ядохимикатов) компресс, примочка - hot and cold *s горячие и холодные компрессы аппликация (вышивка) прилежание, рвение, внимание - to give * to work усердно работать - to lack * не проявлять особого рвения - my work demands close * моя работа требует пристального внимания (информатика) (прикладная) программаapplication жалоба ~ заявка ~ заявка на приобретение вновь выпускаемых ценных бумаг ~ заявление;
прошение;
to put in an application подать заявление ~ заявление ~ использование ~ обращение ~ обращение за кредитом ~ обращение за открытием счета ~ обращение за признанием в качестве банка ~ обращение за признанием в качестве брокера ~ отнесение платежа к определенному долгу ~ письменное ходатайство суду или судье ~ вчт. прикладная программа ~ прикладывание (горчичника, пластыря и т. п.) ~ прилежание, рвение, старание (тж. application to work) ~ прилежание ~ вчт. приложение ~ приложение ~ применение;
применимость ~ применение (права, закона) ~ применение ~ просьба ~ прошение, заявление;
применение (закона, правила, инструмента, прибора и т. п.) ~ рвение ~ употребление (лекарства) ~ употребление ~ ходатайство~ by letter письменное заявление~ for admission заявление о приеме~ for admission to official listing заявка на допуск ценной бумаги к официальной торговле на фондовой бирже~ for asylum просьба о предоставлении убежища~ for cancellation просьба об аннулировании~ for credit facilities заявка на выделение ссуды ~ for credit facilities заявка на получение кредитов~ for documentary credit заявка на получение документарного аккредитива~ for invalidation of an election заявление о признании выборов недействительными~ for membership заявление о приеме в члены~ for patent патентная заявка~ for postponement недв. просьба об отсрочке~ for registration of limited company заявление о регистрации компании с ограниченной ответственностью~ for registration of trade mark заявление о регистрации торговой марки~ form анкета поступающего на работу form: application ~ бланк заявки application ~ бланк заявки на приобретение акций application ~ бланк заявления application ~ бланк подписки на заем application ~ заявочный бланк~ in person личное заявление~ of law применение законаbatch ~ вчт. система пакетной обработкиbusiness ~ коммерческое применениеcomputer ~ применение компьютераconvention ~ пат. конвенционная заявкаcredit ~ заявка о предоставлении кредитаdeclined loan ~ отклоненная заявка на получение ссудыdedicated ~ специализированное применение dedicated ~ специальное применениеdistributed ~ вчт. распределенная прикладная системаdivisional ~ пат. выделенная заявкаfile an ~ подавать заявку file an ~ подавать заявлениеgrant an ~ подавать заявкуgraphic ~ вчт. графическое приложениеhigh-volume ~ вчт. крупномасштабная прикладная системаinquiry ~ вчт. запросно-ответная системаinsurance ~ заявление о страхованииinteractive ~ вчт. интерактивная системаjob ~ заявление о приеме на работуloan ~ заявка на получение ссудыlow-volume ~ вчт. прикладная малопроизводительная системаmake an ~ подавать заявлениеmanagerial ~ применение компьютера в управленииnew ~ новое применениеoff-line ~ вчт. автономная прикладная система off-line ~ вчт. система в автономном режимеoriginating ~ заявление, начинающее судебный процесс originating ~ письменная жалоба originating ~ повестка в судparent ~ основная патентная заявка parent ~ первичная патентная заявкаpatent ~ заявка на патентprevious ~ предшествующее заявление~ заявление;
прошение;
to put in an application подать заявлениеrefuse an ~ отклонять заявлениеrefused loan ~ отклоненная заявка на получение ссудыscientific ~ вчт. исследовательская прикладная системаsingle-remote ~ вчт. автономная системаslave ~ вчт. подчиненная системаstandby ~ вчт. резервная системаsubmit an ~ подавать заявкуtime-sharing ~ вчт. прикладная система разделения времениwritten ~ письменное заявлениеБольшой англо-русский и русско-английский словарь > application
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11 DAP
1) Компьютерная техника: Document Application Profile2) Медицина: Dose Area Product3) Американизм: Description Analysis Plan, Direct Aid Program, Document Automation And Production4) Военный термин: Data Analysis Plan, Director of Administrative Planning, Director of Army Programs, Director of Army Psychiatry, data acquisition and processing, data analysis and processing, data analysis program, data automation proposal, digital autopilot, distant aiming point, ПАА (Digital Army Program; программа автоматизации армии), ПДА (проект дигитализации армии; проект автоматизации армии), Deltoid ana Axillary Protector5) Техника: deformation of vertically aligned phases effect, dictionary access point, diffused-alloy power transistor, dose assessment program, double amplitude peak, цифровой акустический процессор (digital acoustic processor)6) Страхование: deposit administration plan7) Ветеринария: Dog Appeasing Pheromone8) Грубое выражение: Dumb Ass Poser, Dumb Ass Poster9) Оптика: deformation of aligned phase10) Политика: Democratic Action Party11) Телекоммуникации: Directory Access Protocol (AppleTalk, X. 500), Data Access Protocol (DEC's DNA - Application Layer)12) Сокращение: Data Access Point, Decontamination Apparatus, Portable, Defensive Armed Penetrator (USA), Division Advisory Panel (of NSF (q.v.) DNCRI (q.v.)), developer application price (комп.), Diammonium Phosphate, documents against payment (условие о выдаче покупателю грузовых документов только при уплате суммы счета наличными) (documents against payment), Digital Audio Player13) Университет: Deans Academic Programs14) Физиология: Diet Analysis Plus15) Электроника: Donor Acceptor Pairs (recombination)16) Вычислительная техника: Developer Assistance Program, Directory Access Protocol, распределенный матричный процессор, Data Access Protocol (DEC, DNA), Developers Assistance Program (IBM), Directory Application Protocol (IN), Document Application Profile (JTC1, ODIF, ODA), Directory Access Protocol (X. 500, DS), процессор сбора данных (Data Acquisition Processor)17) Нефть: диаммонийфосфат (diammonium phosphate)18) Космонавтика: ЦАП, цифровой автопилот19) Фирменный знак: Dutch Audio Products20) Деловая лексика: Dealer Added Profit21) Бурение: диаммофос (diammonium phosphate)22) Образование: Development, Attitudes, And Programs, Developmentally Appropriate Practice23) Сетевые технологии: Data Access Protocol, Database Access Point, distributed array processor, протокол доступа к данным, протокол доступа к каталогу, протокол доступа к справочнику24) Полимеры: diallyl phthalate25) Химическое оружие: Designated Acquisition Program26) Расширение файла: Data Access Protocol (DEC)27) Снабжение: поставка в месте назначения (Инкотермс 2010)28) NYSE. Discount Auto Parts, Inc.29) Программное обеспечение: Download Accelerator Pro30) Единицы измерений: Days After Pollination31) Международные перевозки: documents against payment (документы против платежа), documents against payment, Delivered at point (Incoterms) -
12 dap
1) Компьютерная техника: Document Application Profile2) Медицина: Dose Area Product3) Американизм: Description Analysis Plan, Direct Aid Program, Document Automation And Production4) Военный термин: Data Analysis Plan, Director of Administrative Planning, Director of Army Programs, Director of Army Psychiatry, data acquisition and processing, data analysis and processing, data analysis program, data automation proposal, digital autopilot, distant aiming point, ПАА (Digital Army Program; программа автоматизации армии), ПДА (проект дигитализации армии; проект автоматизации армии), Deltoid ana Axillary Protector5) Техника: deformation of vertically aligned phases effect, dictionary access point, diffused-alloy power transistor, dose assessment program, double amplitude peak, цифровой акустический процессор (digital acoustic processor)6) Страхование: deposit administration plan7) Ветеринария: Dog Appeasing Pheromone8) Грубое выражение: Dumb Ass Poser, Dumb Ass Poster9) Оптика: deformation of aligned phase10) Политика: Democratic Action Party11) Телекоммуникации: Directory Access Protocol (AppleTalk, X. 500), Data Access Protocol (DEC's DNA - Application Layer)12) Сокращение: Data Access Point, Decontamination Apparatus, Portable, Defensive Armed Penetrator (USA), Division Advisory Panel (of NSF (q.v.) DNCRI (q.v.)), developer application price (комп.), Diammonium Phosphate, documents against payment (условие о выдаче покупателю грузовых документов только при уплате суммы счета наличными) (documents against payment), Digital Audio Player13) Университет: Deans Academic Programs14) Физиология: Diet Analysis Plus15) Электроника: Donor Acceptor Pairs (recombination)16) Вычислительная техника: Developer Assistance Program, Directory Access Protocol, распределенный матричный процессор, Data Access Protocol (DEC, DNA), Developers Assistance Program (IBM), Directory Application Protocol (IN), Document Application Profile (JTC1, ODIF, ODA), Directory Access Protocol (X. 500, DS), процессор сбора данных (Data Acquisition Processor)17) Нефть: диаммонийфосфат (diammonium phosphate)18) Космонавтика: ЦАП, цифровой автопилот19) Фирменный знак: Dutch Audio Products20) Деловая лексика: Dealer Added Profit21) Бурение: диаммофос (diammonium phosphate)22) Образование: Development, Attitudes, And Programs, Developmentally Appropriate Practice23) Сетевые технологии: Data Access Protocol, Database Access Point, distributed array processor, протокол доступа к данным, протокол доступа к каталогу, протокол доступа к справочнику24) Полимеры: diallyl phthalate25) Химическое оружие: Designated Acquisition Program26) Расширение файла: Data Access Protocol (DEC)27) Снабжение: поставка в месте назначения (Инкотермс 2010)28) NYSE. Discount Auto Parts, Inc.29) Программное обеспечение: Download Accelerator Pro30) Единицы измерений: Days After Pollination31) Международные перевозки: documents against payment (документы против платежа), documents against payment, Delivered at point (Incoterms) -
13 poor-due
Религия: закят, налог в пользу нуждающихся мусульман, (In Islamic practice, a tax at fixed rate in proportion to the worth of property, collected from the well-to-do and distributed among the poor Muslims) закат -
14 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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