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121 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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122 bezahlen
bezahlen v 1. BANK (AE) honor, (BE) honour (Scheck); 2. GEN pay, pay for • die Kosten bezahlen GEN defray the cost, defray the expenses, pay out* * *v 1. < Bank> Scheck honor (AE), honour (BE) ; 2. < Geschäft> pay, pay for ■ die Kosten bezahlen < Geschäft> defray the cost, defray the expenses, pay out* * *bezahlen
to pay, to cash (US), (Betrag) to subscribe, (entlohnen) to pay, to remunerate (entschädigen) to make good, to compensate (US), (honorieren) to fee, (Scheck) to hono(u)r, (Schulden) to discharge, to settle, to liquidate, to clear [off];
• für j. bezahlen to pay for s. o., to pay s. o. from one’s own pocket;
• bei Ablieferung bezahlen to pay on delivery;
• auf Abschlag bezahlen to pay in parts;
• im Akkord bezahlen to pay by the job;
• anständig bezahlen to pay handsomely;
• Arbeit bezahlen to remunerate labo(u)r;
• Ausgaben bezahlen to defray expenses;
• bar bezahlen to pay cash down (on the spot, [in] ready money);
• Betrag in voller Höhe bezahlen to pay an amount in full;
• j. für seine Dienste bezahlen to remunerate s. o. for his services;
• Draufgeld für seine Lieferung bezahlen to pay a deposit on goods;
• bei Eingang der Versandpapiere bezahlen to pay upon tender of shipping documents;
• seinen Einstand bezahlen to pay one’s footing;
• Eintrittsgeld bezahlen to pay an entrance fee;
• bei Erhalt bezahlen to pay on receipt;
• aus laufenden Erträgen bezahlen to pay as you go;
• vollen Fahrpreis bezahlen to pay the full rate;
• fristgemäß bezahlen to pay on the date agreed upon;
• im Ganzen bezahlen to pay in the lump;
• im Ganzen oder in Raten bezahlen to pay in full or in instalments;
• Geldstrafe bezahlen to pay a fine;
• gelegentlich bezahlen to pay at convenience;
• Gepäckträger bezahlen to pay the porter;
• getrennt bezahlen to pay for o. s., to go Dutch;
• alles auf Heller und Pfennig bezahlen to pay scot and lot;
• Kosten bezahlen to bear (defray) the expences;
• bei Lieferung bezahlen to pay on delivery;
• in Monatsraten bezahlen to pay monthly instal(l)ments;
• nachträglich bezahlen to pay extra;
• in Naturalien bezahlen to pay in kind;
• nicht bezahlen to leave unpaid, to make default;
• nochmals bezahlen to repay;
• postnumerando bezahlen to pay on receipt;
• pränumerando bezahlen to make payment in advance;
• Preis ungefähr bezahlen to pay around a price;
• prompt bezahlen to pay cash (ready money, in ready cash);
• pünktlich bezahlen to pay promptly;
• in Raten bezahlen to pay by (in) instalments;
• Rechnung bezahlen to pay (settle) a bill;
• Reise bezahlen to pay for a trip;
• Restbetrag bezahlen to pay the balance;
• restlos bezahlen to pay in full;
• Rückstand bezahlen to pay up arrears;
• in Sachwerten bezahlen to pay in kind;
• schlecht bezahlen to sweat;
• seine Schuld auf Heller und Pfennig bezahlen to pay one’s debt to the last penny (scot and lot);
• seine Schulden bezahlen to settle one’s debts, to get clear of debt;
• für sich selbst bezahlen to pay one’s own way;
• [Teil des Wagnisses] selbst bezahlen to retent;
• sofort (auf der Stelle) bezahlen to pay down (forthwith, on the nail);
• Steuern bezahlen to return taxes to the revenue;
• j. stundenweise bezahlen to pay s. o. by the hour;
• teilweise bezahlen to make a part payment, to pay in parts;
• teuer bezahlen to pay high;
• zu teuer bezahlen to overpay;
• überreichlich bezahlen to outpay;
• ungenügend bezahlen to underpay;
• auf zwei Usi bezahlen to pay at two methods of trading;
• viel für etw. bezahlen to give a long price for s. th.;
• zu viel bezahlen to pay too much;
• voll bezahlen to pay in full (up, twenty shillings in the pound);
• im Voraus bezahlen to prepay, to make payment in advance, to anticipate;
• Wechsel [nicht] bezahlen to [dis]hono(u)r a bill;
• mit einem Wechsel bezahlen to pay by means of a bill;
• wochenweise (wöchentlich) bezahlen to pay by the week;
• Zoll für etw. bezahlen to pay duty on s. th., to pay the customs;
• Zuschlag bezahlen to pay an extra charge;
• nicht bezahlen können to default. -
123 Entgelt
Entgelt n 1. BÖRSE financial reward; 2. WIWI compensation • als Entgelt für GEN as a reward for* * *n 1. < Börse> financial reward; 2. <Vw> compensation ■ als Entgelt für < Geschäft> as a reward for* * *Entgelt
pay[ment], fee, (Belohnung) remuneration, reward, (Ersatz) recompense, (Gegenwert) value, (Honorar) fee, (Vertragsleistung) consideration, price, (gleicher Wert) equivalent, (Wiedergutmachung) compensation, indemnification;
• als Entgelt für in exchange for;
• als Entgelt für Ihre Dienste (Tätigkeit) as payment (in return) for your services;
• gegen Entgelt subject to payment, for reward (valuable consideration, value), in exchange (return);
• ohne Entgelt free of charge, gratuitously, gratis, for nothing;
• angemessenes Entgelt adequate consideration;
• ausreichendes Entgelt onerous cause;
• gleiches Entgelt equal pay;
• vereinbartes Entgelt remuneration agreed upon;
• gleiches Entgelt für gleichwertige Arbeit equal pay for work of equal value;
• gleiches Entgelt [für Männer und Frauen] bei gleicher Arbeit equal pay for equal work;
• gutgläubig gegen Entgelt erwerben to acquire for value without notice;
• Entgelt festsetzen to fix the remuneration. -
124 payment
['peɪmənt] noun1) (of sum, bill, debt, fine) Bezahlung, die; (of interest, instalment, tax, fee) Zahlung, die; (paying back) Rückzahlung, die; (in instalments) Abzahlung, diein payment [for something] — als Bezahlung [für etwas]
on payment of... — gegen Zahlung von...
2) (amount) Zahlung, die* * *1) (money etc paid: The TV can be paid for in ten weekly payments.) die Zahlung2) (the act of paying: He gave me a book in payment for my kindness.) der Lohn* * *pay·ment[ˈpeɪmənt]nsystem of \payments Zahlungssystem ntlump-sum \payment Pauschalzahlung fone-off \payment BRIT einmalige Zahlung\payment by card Kartenzahlung fto ask for \payment um Bezahlung bitten\payment due Fälligkeitstag m* * *['peɪmənt]n(= paying) (of person) Bezahlung f, Entlohnung f; (of bill, instalment etc) Bezahlung f, Begleichung f; (of debt, mortgage) Abtragung f, Rückzahlung f; (of interest, bank charge etc) Zahlung f; (= sum paid) Zahlung f; (fig = reward) Belohnung fin payment of a debt/bill —
as or in payment for goods/his services — als Bezahlung für or von Waren/für seine Dienste
to accept sth as or in payment ( for...) — etw in Begleichung/als Bezahlung (für...) annehmen
on payment of — bei Begleichung/Bezahlung von
to stop payments — die Zahlungen pl einstellen
or check (US) — einen Scheck sperren
* * *payment s1. (Be-, Ein-, Aus)Zahlung f, Entrichtung f, Abtragung f (von Schulden), Einlösung f (eines Wechsels):payment in cash Barzahlung;payment in kind Sachleistung f;payment of duty Verzollung f;accept in payment in Zahlung nehmen2. gezahlte Summe, Bezahlung f3. → academic.ru/54051/pay">pay1 A 2, A 3pt abk1. part T.2. payment4. point5. port* * *['peɪmənt] noun1) (of sum, bill, debt, fine) Bezahlung, die; (of interest, instalment, tax, fee) Zahlung, die; (paying back) Rückzahlung, die; (in instalments) Abzahlung, diein payment [for something] — als Bezahlung [für etwas]
on payment of... — gegen Zahlung von...
2) (amount) Zahlung, die* * *n.Abzahlung f.Bezahlung f.Entlohnung f.Vergütung f. -
125 أجرة
أُجْرَة \ fee: payment for a special skilled service: school fees; a doctor’s fee. charge: the amount of money asked for doing sth., for supplying sth., etc.: What is your charge for this work?. hire: the act of hiring: Is this boat for hire?. pay: money that is given for regular work or services: My son gets more pay than I do. rent: regular payment for the continuous use of a building or piece of land or television set, etc. The rent for this office is $50 a week. wage: rate of pay for a workman: an hourly wage; a daily wage. \ See Also رسم (رَسْم) \ أُجْرَة البَريد \ postage: the cost of posting sth.: What’s the postage on an air letter to Australia?. \ أُجْرَة السَّفَر \ fare: the cost of a journey: How much was the train fare? My fares come to $3 a week. -
126 charge
أُجْرَة \ fee: payment for a special skilled service: school fees; a doctor’s fee. charge: the amount of money asked for doing sth., for supplying sth., etc.: What is your charge for this work?. hire: the act of hiring: Is this boat for hire?. pay: money that is given for regular work or services: My son gets more pay than I do. rent: regular payment for the continuous use of a building or piece of land or television set, etc. The rent for this office is $50 a week. wage: rate of pay for a workman: an hourly wage; a daily wage. \ See Also رسم (رَسْم) -
127 hire
أُجْرَة \ fee: payment for a special skilled service: school fees; a doctor’s fee. charge: the amount of money asked for doing sth., for supplying sth., etc.: What is your charge for this work?. hire: the act of hiring: Is this boat for hire?. pay: money that is given for regular work or services: My son gets more pay than I do. rent: regular payment for the continuous use of a building or piece of land or television set, etc. The rent for this office is $50 a week. wage: rate of pay for a workman: an hourly wage; a daily wage. \ See Also رسم (رَسْم) -
128 pay
أُجْرَة \ fee: payment for a special skilled service: school fees; a doctor’s fee. charge: the amount of money asked for doing sth., for supplying sth., etc.: What is your charge for this work?. hire: the act of hiring: Is this boat for hire?. pay: money that is given for regular work or services: My son gets more pay than I do. rent: regular payment for the continuous use of a building or piece of land or television set, etc. The rent for this office is $50 a week. wage: rate of pay for a workman: an hourly wage; a daily wage. \ See Also رسم (رَسْم)
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