-
1 making images
-
2 making vascular images
English-Russian big medical dictionary > making vascular images
-
3 acquiring images
получающий изображения; получение изображений -
4 delete waiting images
English-Russian big medical dictionary > delete waiting images
-
5 inference making
making available — получающий доступ к; получение доступа к
-
6 unprotect images
-
7 browsing images
-
8 matching images
-
9 protected fff unprocessed images
English-Russian big medical dictionary > protected fff unprocessed images
-
10 demand making
-
11 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
-
12 peripheral vascular
English-Russian big medical dictionary > peripheral vascular
См. также в других словарях:
Images of the future — are one of the main resources used in the field of Futures Studies, as a subject of analysis, as well as a site for the active development and pursuit of preferred future scenarios. For example, according to Jim Dator, a futurist and Professor of … Wikipedia
Making Of — Un making of (anglicisme) ou une revue de tournage (au Québec) est un film documentaire relatant le tournage ou la production d un film. On peut parler aussi de « coulisses ». À l origine, les revues de tournage étaient réalisés de… … Wikipédia en Français
Making of — Un making of (anglicisme) ou une revue de tournage (au Québec) est un film documentaire relatant le tournage ou la production d un film. On peut parler aussi de « coulisses ». À l origine, les revues de tournage étaient réalisés de… … Wikipédia en Français
Images and Words: Live in Tokyo — Video de Dream Theater Publicación 16 de noviembre de 1993 Grabación 26 de agosto de 1993, Tokio, Japón … Wikipedia Español
Images and Words — Studioalbum von Veröffentlichung 30. Juni 1992 … Deutsch Wikipedia
Making-of — Un making of (anglicisme) ou une revue de tournage (terme utilisé surtout au Québec) est un film documentaire relatant le tournage ou la production d un film ou d une œuvre audiovisuelle (téléfilm, série télévisée...). On peut aussi trouver l… … Wikipédia en Français
Making Connections Survey — Sociology … Wikipedia
Veneration of Images — Veneration of Images † Catholic Encyclopedia ► Veneration of Images I. IMAGES IN THE OLD TESTAMENT The First Commandment would seem absolutely to forbid the making of any kind of representation of men, animals, or even plants:… … Catholic encyclopedia
Classical guitar making — A person who is specialized in the making of stringed instruments such as guitars, lutes and violins is called a luthier. Contents 1 Skills 1.1 Shaping of wood with acoustics and resonance aims 1.2 Sound characteristics (Timbre) … Wikipedia
Pacific Data Images — Type Subsidiary Industry CGI animation Motion pictures Founded 1980 Founder(s) Carl Rosendahl Headquarters Redwood City, California … Wikipedia
Des images aux mots — Le festival du film LGBT de Toulouse Des images aux mots est un festival français annuel de cinéma lesbien, gay, bi et trans fondé en 2007 qui se déroule à Toulouse (Midi Pyrénées). Sommaire 1 Objectif 2 Organisation 3 Déroulement … Wikipédia en Français
