Lets say you are an investment professional and you advise and execute customer orders, and you decide to do it through Broker X because Broker X gives you research that you use to improve your recommendations to clients.
Do you have to disclose this arrangement to the clients?
According to a Shweser Vol. 2 question, the answer is NO - because the routing ultimately benefits the client. That sounds kind of fishy though - shouldn't it be disclosed because it IS possible for something that biases you (as the IP) to also happen to be beneficial to the client...作者: homie 时间: 2011-7-11 19:49
Billy is absolutely right. If you can argue that the value provided by Broker X is a better value than another broker, he is in the clear
