求教principal trade and agency trade in Soft Dollar principal, 代理人, trade

minminmin

在soft dollar理论里一直有一个不懂的东西，什么是principal trade?提到了涉及spreads或者discounts, 另外什么是Agency trade? 代理人做交易？ 这两个概念很模糊 请赐教！ 谢谢！

ddhorn

 我得理解是这样，principal trade应该是类似于nasdaq那种交易，佣金来自于bid ask spread，agency trade应该就是国内这种佣金模式，就是交易了多少金额按比例抽成。两种交易的佣金模式不同，因为毕竟principal trade收了多少佣金不如agency trade 好度量。
供参考

愚狼

嗯，支持！

watleeds

An agency trade is when a firm buys or sells a security on behalf of a client to a third party. They will usually collect a commission for this service. During this transaction the firm does not own the security itself.

agency trade: broker 代替客户交易，broker并不拥有买卖的这些股票。

A principal trade is when a firm buys or sells securities from their own account. Anytime the firm is buying or selling from within their own inventories, it is a principal trade.

principal trade 从broker自己的库存里买卖。broker对这些股票是拥有的。

 

chococo

principal trade应该是叫自营交易，broker就是客户的股票对手

ciscogeek

楼上讲的真清楚

hesai716

赞楼上！

CoolKane

补充 天忧 一点，principal trade在没有ERISA法案的情况下，除了得到客户的书面同意外，还要disclose出来哟。