-
121 tax
1. n1) налог, сбор; пошлина- levy a tax on smb.- impose a tax on smb.- impose a tax on smth.- levy a tax on smth.2) амер. членские взносы (в обществе, профсоюзе)3) бремя, испытание; напряжение•- tax code- land tax2. v1) облагать налогом; подвергать обложению (налогом)2) упрекать; критиковать, осуждать- tax smb. with smth. during the debate -
122 account
-
123 amount
1.составлять (сумму); равняться2.1) количество; объем2) общая сумма, итог3) бухг. основная сумма и проценты с нее• -
124 area
1) площадь, территория, участок2) район, область; зона• -
125 budget
-
126 market
-
127 service
1) служба2) обслуживание; сервис3) рабочий режим (напр. фильтра)4) действие; функция•- commuter service - decontamination service - electric service - flood-prediction service - health service - hot water service - long-term service of equipment - municipal service - project support and communication service - public service - sanitary service - short-term service of equipment - water service - water quality service* * *1. работа; сфера деятельности; род занятий; служба; учреждение2. подземная коммуникация (трубопровод, кабель)3. внутридомовая сеть коммуникаций; внутренний водопровод- additional servicesin service — во время эксплуатации, во время работы
- after-sales service
- architect's basic services
- building services
- cold water service
- comprehensive services
- construction advisory service
- down service
- electric services in buildings
- electric services on sites
- engineering services
- expected service
- free bus shuttle service
- personal social services
- specialized services
- surveillance and alarm service
- temporary services
- testing services
- underground services
- watchman services
- water service -
128 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
См. также в других словарях:
-free — [friː] suffix without something, often something that you do not want: • Earnings will be tax free if the money remains on deposit for seven years. • Heathrow Airport gets more money from duty free sales than from landing fees. • The casino will… … Financial and business terms
Sales taxes in the United States — are a tax added onto the price of goods or services that are purchased in the United States. A sales tax is a tax on consumption, which is displayed as a percentage of the sale price. Sales taxes are assessed by every state except Alaska,… … Wikipedia
Sales & Marketing Executives International — (SMEI) is a worldwide organization dedicated to ethical standards, continuing professional development, knowledge sharing, mentoring students and advancing free enterprise. Founded in 1935 in the U.S. as the National Federation of Sales… … Wikipedia
Free shipping — is a marketing scheme used primarily by online vendors and mail order catalogs as a sales gimmick to attract customers. [ [http://www.nytimes.com/2008/07/05/business/yourmoney/05shortcuts.html?ref=business Shortcuts ‘Two for One’ ... ‘Free… … Wikipedia
Free Talk Live — Genre Talk radio, Liberty Running time 119 min Languages English language … Wikipedia
Free (chanson) — Free, est une chanson de house, interprétée par la chanteuse américaine Ultra Naté, écrit et composée par Ultra Naté, Lem Springsteen, et John Ciafone. Le single est sorti le 31 mars 1997. Classements Chart (1997) Classement Australian Singles… … Wikipédia en Français
Free software — or software libre is software that can be used, studied, and modified without restriction, and which can be copied and redistributed in modified or unmodified form either without restriction, or with minimal restrictions only to ensure that… … Wikipedia
Free daily newspaper — Free daily newspapers trace their history back to the 1940s when Walnut Creek, California publisher Dean Lesher began what is widely believed to be the first free daily, now known as the Contra Costa Times . In the 1960s, he converted that… … Wikipedia
Free Comic Book Day — is an annual promotional effort by the North American comic book industry to help bring new readers into independent comic book stores. Brainstormed by retailer Joe Field of [http://www.FlyingColorsComics.com/ Flying Colors Comics] in Concord CA… … Wikipedia
Free as a Bird (Album) — Free as a Bird Studioalbum von Supertramp Veröffentlichung Oktober 1987 Aufnahme 1986 − 1987 Label … Deutsch Wikipedia
Free as a Bird (álbum) — Free as a Bird Álbum de Supertramp Publicación Octubre de 1987 Grabación 1986 Género(s) Rock progresivo Duración 43:50 … Wikipedia Español