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1 soft commissions
Биржевой термин: мягкие комиссионные -
2 soft commissions
предоставление каких-л. разовых льгот, преимуществ с целью "обработки", подготовки кого-л. к согласиюEnglish-russian dctionary of contemporary Economics > soft commissions
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3 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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4 commission
1. n1) доверенность, полномочие2) поручение3) комиссионное вознаграждение, комиссионные4) комиссия, комитет
- acceptance commission
- accepting commission
- acquisition commission
- address commission
- ad hoc commission
- advising commission
- agency commission
- agent's commission
- agreed commission
- arbitration commission
- auditing stock exchange commission
- bank commission
- bankers' commission
- banking commission
- booking commission
- brokerage commission
- broker's commission
- budget commission
- buying commission
- certifying commission
- collecting commission
- collection commission
- commitment commission
- conciliation commission
- consultative commission
- control commission
- coordinating commission
- del credere commission
- economic commission
- Economic Commission for Africa
- Economic Commission for Asia and the Far East
- Economic Commission for Europe
- Economic Commission for Latin America
- evaluating commission
- exchange commission
- expert commission
- extra commission
- federal commission
- fixed commission
- flat commission
- freight commission
- government commission
- interim commission
- issue commission
- joint commission
- liquidation commission
- management commission
- maritime commission
- mixed commission
- negotiated commission
- net commission
- opening commission
- overdraft commission
- overriding commission
- percentage commission
- permanent commission
- port commission
- price commission
- profit commission
- public service commission
- rates and disputes commission
- receivership commission
- reinsurance commission
- repurchase commission
- resale commission
- return commission
- sales commission
- sectoral commission
- Securities and Exchange Commission
- selling commission
- soft commissions
- special commission
- split commission
- standing commission
- state commission
- Tariff Commission
- tax commission
- trade commission
- trail commission
- transport commission
- tripartite commission
- trust commission
- underwriting commission
- commission for acceptance
- commission for cashing
- commission for collecting
- commission for collection
- commission for guarantee
- commission of inquiry
- commission for an obligation
- commission for promotion efforts
- commission for services
- commission of experts
- commission on earnings
- commission on guarantee
- commission on sales
- commission on a transaction
- commission deducted
- free of commission
- less commission
- liable to commission
- appoint a commission
- be on the commission
- buy on commission
- calculate a commission
- carry out a commission
- charge a commission
- charge % commission
- collect a commission
- come into commission
- compute a commission
- discharge a commission
- establish a commission
- estimate commission
- fix a commission
- go beyond commission
- pay commission
- put into commission
- receive a commission
- sell on commission
- set up a commission
- sit on a commission2. v1) вводить в строй, действие2) назначать (на пост, должность)English-russian dctionary of contemporary Economics > commission
См. также в других словарях:
Soft Commissions — Any type of commission that is not paid in actual dollars. Soft commissions allow investment companies and institutional funds to cover some of their expenses through trading commissions. For example, receiving research from a counterparty in… … Investment dictionary
soft commissions — paslėpti komisiniai statusas Aprobuotas sritis kolektyvinio investavimo subjektų veikla apibrėžtis Valdymo įmonės gaunama ekonominė nauda, kai jos valdomas kolektyvinio investavimo subjektas padengia sandorių dėl portfelio priemonių mokesčius.… … Lithuanian dictionary (lietuvių žodynas)
soft commission — a bribe Paid in addition to normal commercial commission for the introduction of business: It is the first time in Imro s history for a breach of rules on soft commissions . (Daily Telegraph, 25 June 1994 the British Investment… … How not to say what you mean: A dictionary of euphemisms
Soft commission — is commission given in a non cash form.Many investment funds prefer to buy things using soft dollars so they can avoid reporting direct expenses to investors who are highly cost sensitive. Thus, soft commission allow institutional funds to use… … Wikipedia
Soft dollar — The term soft dollars is used to describe certain payments made by institutional investment funds to their service providers. In contrast to hard dollars (actual cash), which have to be reported on the fund s books, soft dollars are incorporated… … Wikipedia
Soft Dollars — A means of paying brokerage firms for their services through commission revenue, as opposed to through normal direct payments (hard dollar fees). The investing public tends to have a negative perception of soft dollar arrangements because they… … Investment dictionary
Soft dollars — The value of research services that brokerage houses supply to investment managers free of charge in exchange for the investment manager s business/commissions. The New York Times Financial Glossary … Financial and business terms
soft dollars — The value of research services that brokerage houses supply to investment managers free of charge in exchange for the investment manager s business commissions. Bloomberg Financial Dictionary … Financial and business terms
paslėpti komisiniai — statusas Aprobuotas sritis kolektyvinio investavimo subjektų veikla apibrėžtis Valdymo įmonės gaunama ekonominė nauda, kai jos valdomas kolektyvinio investavimo subjektas padengia sandorių dėl portfelio priemonių mokesčius. Paslėpti komisiniai… … Lithuanian dictionary (lietuvių žodynas)
china — /chuy neuh/, n. 1. a translucent ceramic material, biscuit fired at a high temperature, its glaze fired at a low temperature. 2. any porcelain ware. 3. plates, cups, saucers, etc., collectively. 4. figurines made of porcelain or ceramic material … Universalium
China — /chuy neuh/, n. 1. People s Republic of, a country in E Asia. 1,221,591,778; 3,691,502 sq. mi. (9,560,990 sq. km). Cap.: Beijing. 2. Republic of. Also called Nationalist China. a republic consisting mainly of the island of Taiwan off the SE coast … Universalium
