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61 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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62 five
1. n карт. пятёркаfive spot — пятидолларовая бумажка, пятёрка
2. n пять, пятый3. n пять, пятероin fives — по пяти, пятёрками
4. n пять лет5. n пять часов6. n «могучая кучка»7. n команда из пяти человек8. n разг. пять пальцев, пятерня9. n пятипроцентные акции или ценные бумаги10. n банкнота в пять фунтов стерлингов или в пять долларовI make it five miles — по-моему, пять миль
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63 flat-time sentence
амер. юр. фиксированный срок тюремного заключения, предусмотренный за некоторые преступленияprison sentence — тюремное заключение, тюремный срок
serving a sentence — отбывающий срок; отбытие срока
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64 severe sentence
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65 undeterminate sentence
юр. приговор, которым срок наказания не определён, а зависит от поведения осуждённого -
66 under five
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67 device
аппарат
Устройство, в котором за счёт внешних механических, химических и электромеханических, термических или других воздействий производится полезная работа
[Терминологический словарь по строительству на 12 языках (ВНИИИС Госстроя СССР)]
аппарат
-
[IEV number 151-11-22]EN
apparatus
device or assembly of devices which can be used as an independent unit for specific functions
NOTE – In English, the term "apparatus" sometimes implies use by skilled persons for professional purposes.
[IEV number 151-11-22]FR
appareil, m
dispositif ou assemblage de dispositifs qui peut être utilisé comme unité indépendante pour remplir des fonctions particulières
NOTE – En anglais, le terme "apparatus" implique quelquefois une utilisation par des personnes qualifiées dans un but professionnel.
[IEV number 151-11-22]Сопутствующие термины
EN
DE
FR
прибор
оборудование
[ http://www.dunwoodypress.com/148/PDF/Biotech_Eng-Rus.pdf]Тематики
Синонимы
EN
приспособление
Технологическая оснастка, предназначенная для установки или направления предмета труда или инструмента при выполнении технологической операции
[ГОСТ 3.1109-82]
приспособление
Техническое устройство, присоединяемое к машине или применяемое самостоятельно для базирования и закрепления предметов производства при выполнении технологических операций
[Терминологический словарь по строительству на 12 языках (ВНИИИС Госстроя СССР)]Тематики
EN
DE
FR
процедура
Упорядоченная совокупность взаимосвязанных определенными отношениями действий, направленных на решение задачи.
[МУ 64-01-001-2002]
процедура
Установленный способ осуществления деятельности или процесса.
Примечания
1. Процедуры могут быть документированными или недокументированными.
2. Если процедура документирована, часто используется термин "письменная процедура" или "документированная процедура". Документ, содержащий процедуру, может называться "процедурный документ".
[ ГОСТ Р ИСО 9000-2008]
процедура
Документ, содержащий шаги, которые предписывают способ выполнения деятельности. Процедуры определяются как части процессов. См. тж. рабочая инструкция.
[Словарь терминов ITIL версия 1.0, 29 июля 2011 г.]EN
procedure
A document containing steps that specify how to achieve an activity. Procedures are defined as part of processes. See also work instruction.
[Словарь терминов ITIL версия 1.0, 29 июля 2011 г.]Тематики
EN
устройство
-
[IEV number 151-11-20 ]
устройство
Элемент или блок элементов, который выполняет одну или более функций.
[ ГОСТ Р 41.48-2004]
[ ГОСТ Р 52388-2005]
устройство
Совокупность элементов, представляющая единую конструкцию (многоконтактное реле, набор транзисторов, плата, блок, шкаф, механизм, разделительная панель и т. п.).
Устройство может не иметь в изделии определенного функционального назначения.
[ГОСТ 2.701-84]
устройство
Изделие, являющееся конструктивным элементом или совокупностью конструктивных элементов, находящихся в функционально-конструктивном единстве
[ ГОСТ 16382-87]EN
device
material element or assembly of such elements intended to perform a required function
NOTE – A device may form part of a larger device.
[IEV number 151-11-20 ]FR
dispositif, m
élément matériel ou assemblage d'éléments matériels destiné à remplir une fonction déterminée
NOTE – Un dispositif peut faire partie d'un dispositif plus important.
[IEV number 151-11-20 ]Тематики
- электротехника, основные понятия
EN
DE
FR
устройство (сети и системы связи)
Элемент или совокупность элементов, выполняющих установленную функцию.
Примечание 1. Устройство может являться частью другого, большего устройства.
Примечание 2. В контексте распределительного устройства подстанции устройством называется физическая единица первичного оборудования, например трансформатор или выключатель. В контексте автоматики подстанций устройством является интеллектуальное электронное устройство.
[ ГОСТ Р 54325-2011 (IEC/TS 61850-2:2003)]EN
device
element or assembly of elements performing a required function
Note A device may form part of a larger device.
(Source: IEV 151)
mechanism or piece of equipment designed to serve a purpose or perform a function for example, circuit breaker, relay or substation computer
(Source: IEEE Std. 100–1996, IEEE dictionary of electrical and electronic terms)
in the context of a switchyard, a device is a physical plant item for example transformer or circuit breaker; in the context of substation automation a device is an IED
(Source: IEC 61850-1)
[IEC 61850-2, ed. 1.0 (2003-08)]Тематики
EN
3.6.8 устройство (device): Любое идентифицированное оборудование, система или подсистема, не относящиеся к программному обеспечению, комплекту данных или классу человеческих ресурсов.
Примечание - Устройство, тем не менее, может включать программное обеспечение.
Источник: ГОСТ Р ИСО 15531-1-2008: Промышленные автоматизированные системы и интеграция. Данные по управлению промышленным производством. Часть 1. Общий обзор оригинал документа
3.102 прибор (device): Сущность, выполняющая функции управления, приведения в действие и считывания и связанная с другими такими сущностями в автоматизированной системе.
Примечание - Сам по себе прибор не выполняет функции обработки, транспортирования или хранения материалов.
Источник: ГОСТ Р 54136-2010: Системы промышленной автоматизации и интеграция. Руководство по применению стандартов, структура и словарь оригинал документа
Англо-русский словарь нормативно-технической терминологии > device
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68 shield (of a cable)
общий экран (кабеля)
Наложенный на кабель заземленный металлический слой, ограничивающий электрическое поле в пределах кабеля и (или) защищающий кабель от внешнего электрического воздействия
Примечание. Металлические оболочки, фольга, оплетки, броня и заземленные концентрические токопроводящие жилы могут также служить в качестве общих экранов
[IEV number 461-03-04]EN
shield (of a cable)
surrounding earthed metallic layer which serves to confine the electric field within the cable and/or to protect the cable from external electrical influence
NOTE 1 – Metallic sheaths, foils, braids, armours and earthed concentric conductors may also serve as shields.
NOTE 2 – In French, the term "blindage" may be used when the main purpose of the screen is the protection from exterlnal electrical influence.
[IEV number 461-03-04]FR
écran métallique (d'un câble)
blindage (d'un câble)
couche métallique disposée autour des conducteurs et mise à la terre afin de maintenir le champ électrique du câble à l'intérieur de celui-ci et/ou de protéger le câble des influences électriques externes
NOTE 1 – Les gaines métalliques, les rubans métalliques, les tresses métalliques, les armures, et les âmes concentriques mises à la terre peuvent également servir d'écrans de protection.
NOTE 2 – En français, le terme « blindage » peut être utilisé lorsque l'écran a pour objet principal la protection contre les influences électriques externes.
[IEV number 461-03-04]Тематики
- кабели, провода...
EN
DE
FR
Англо-русский словарь нормативно-технической терминологии > shield (of a cable)
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