标题: [CFA入门] Level 2 请教Soft Dollar Standards里的一段话，没看明白 [打印本页]
作者: allenxia 时间: 2011-6-2 10:43 标题: Level 2 请教Soft Dollar Standards里的一段话，没看明白
在notes 的94页，
In the case of principal trades not subject to other fiduciary regulations, the research may benefit other client accounts, as long as disclosure is made to the client and prior permission is received.
什么是principal trades？能给个例子吗？这句话是否说，只要是principal trade的钱，公司就可以用这些钱去benefit other client accounts吗？谢啦！
作者: gotbelief 时间: 2011-6-2 11:09
In an agency trade, a fund manager negotiates a competitive commission rate and then chooses a broker who is expected to provide the lowest total cost for executing the trade. The broker then “works” the order by finding a suitable party to take the other side of the trade. In contrast to a principal trade, the broker is not accepting the opposite position or the risks associated with the opposite side of the trade. Effectively, the responsibility of seeking best execution has been delegated to the broker.
作者: ultrablue 时间: 2011-6-2 11:33
principle 也要特别小心，有2种情况，subject to fiduciary duty 和 not subject to fiduciary duty.
对于agency trade,可以用某个clients 的 soft dollar 去benefit其他clients。AS long as 长期看客户本人迟早会受益
对于principle trade,在not subject to fiduciary duty 的情况下，同AGENCY，AS long as 告知了客户
对于principle trade,在subject to fiduciary duty的情况下，不可以benefit other clients.
对于principle trade,在not subject to fiduciary duty 的情况下，有点像券商自营业务，所以可以券商自己说了算，不需要受到客户太多限制。
作者: ciscogeek 时间: 2011-6-2 21:25
principle是做市交易，沒有明確的傭金數字，所以就有這樣的說法。
沒有特別情況就隨便用了。
作者: wanghaha 时间: 2011-6-3 00:16
也不能随便用的吧，应该提前获得client的consent
作者: giraffe08 时间: 2011-6-3 02:52
以下是引用ultrablue在2011-6-2 11:33:00的发言：
principle 也要特别小心，有2种情况，subject to fiduciary duty 和 not subject to fiduciary duty.
对于agency trade,可以用某个clients 的 soft dollar 去benefit其他clients。AS long as 长期看客户本人迟早会受益
对于principle trade,在not subject to fiduciary duty 的情况下，同AGENCY，AS long as 告知了客户
对于principle trade,在subject to fiduciary duty的情况下，不可以benefit other clients.
对于principle trade,在not subject to fiduciary duty 的情况下，有点像券商自营业务，所以可以券商自己说了算，不需要受到客户太多限制。
对的
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