maratikus

Different services mean different extent of coverage, depth of research reports sent, frequency of follow-up etc.
However, different service level doesn’t mean that you can allocate a trade in priority to one type of client. Trade allocations must be fair, in that they have to be placed at the same time and have to be pro-rated in case of oversubscription.
For example, if I have 2 individuals for whom I manage their wealth and I charge different fees, it’s ok as long as I disclose it. However, if I want to buy some corporate bond on the primary market for both funds, I have to give the 2 orders at the same time. The example states that orders are not placed at the same time, which is unfair.