问题如下图:
选项:
A.
B.
C.
解释:
broker commission 是怎么产生的呢?为什么是客户的assets ?
发亮_品职助教 · 2019年03月29日
Broker commission就是交易佣金。完成交易需要向Dealer/Broker支付交易费用。
这点咱们平时交易股票,也要给券商交一笔佣金费用,交易佣金也是从咱们资金账户里面扣的,所以这笔钱本身就属于客户。
我们买的基金Fund,基金经理调仓换股产生的交易佣金,也是从基金Asset里扣除的,所以产生交易佣金的这笔钱本来就属于客户。
对于这种基金,基金经理是可以选择Trader / Dealer / Broker帮忙完成交易的,每家Broker收取的费用也不同。有些券商为了吸引基金公司在他们这交易,会给基金公司提供一些福利,比如说提供研报、电脑、软件等等,这些福利可以称为是Soft dollar。
首先这种福利,是因为这些交易产生的,是客户付了Commission后产生的,所以按道理应该属于客户拿钱(Commission)买到的,所以这种研报、电脑、软件等等必须直接有助于帮助基金经理为客户做投资。
如果基金经理拿这些福利用作其他用途,就是违反了准则,因为等于说客户掏了钱,没用享受到。比如拿A客户交易佣金产生的研报去帮助B客户做投资,A完全没有享受到,那么就是违反。
如果返还的是帮助基金公司Pay operating expenses,那就更不行了,因为等于拿了客户的钱,买了Trader的回扣帮助负担基金公司的成本,客户不是直接受益人。肯定是违反的。
所以关于Soft dollar可以有,但是客户必须是直接受益人,因为是拿客户交易费用Commission买的,属于客户资产。
同时,选择的Trader/Dealer/Broker必须是Best execution。也就是说同时满足以上两点的Soft dollar是可以的。不能因为基金经理为了Soft dollar而选择不太好的Execution。
关于A选项,客户可以直接指定选择哪个Dealer/Trader,指定返还的东西,比如指定返还的是软件如Bloomberg的使用权,A选项完全没有问题。
不焦虑 · 2021年08月31日
老师,那前面还有一道题,说从lower-fee, light service 的客户那边收到的commission可以用来serve/ benefit full-service 的客户,和这道题的A选项不矛盾吗?
NO.PZ2016040303000002 问题如下 Whistatement about a manager’s use of client brokerage commissions violates the Co anStanr? A.A client mrea manager to use thclient’s brokerage commissions to purchase goo anservices for thclient. B.Client brokerage commissions shouluseto benefit the client anshoulcommensurate with the value of the brokerage anresearservices receive C.Client brokerage commissions mrecteto pfor the investment manager’s operating expenses. C is correct.This question involves StanrIII(–Loyalty, Prunce, anCare anthe specific topic of soft llars or soft commissions. Answer C is the correchoibecause client brokerage commissions mnot recteto pfor the investment manager’s operating expenses. Answer B scribes how members ancantes shoultermine how to use brokerage commissions—this, if the use is in the best interests of clients anis commensurate with the value of the services provi Answer A scribes a practithis commonly referreto \"rectebrokerage.\" Because brokerage is asset of the client anis useto benefit the client, not the manager, supracties not violate a ty of loyalty to the client. Members ancantes are obligatein all situations to sclose to clients their practices in the use of client brokerage commissions. Client brokerage commissions mrecteto pfor the investment manager’s operating expensesa 为什么错?投资经理产生的operating expense 不也是为客户投资才会产生的吗?operating expense 是经营费用 这不也是与投资活动相关的费用吗 都是为了给客户投资才会产生的呀还是说这不是直接受益于客户?算是间接?
NO.PZ2016040303000002 A为啥是对的,为客户买东西(任何东西)也可以?
NO.PZ2016040303000002 Client brokerage commissions shouluseto benefit the client anshoulcommensurate with the value of the brokerage anresearservices receive Client brokerage commissions mrecteto pfor the investment manager’s operating expenses. C is correct. This question involves StanrIII(–Loyalty, Prunce, anCare anthe specific topic of soft llars or soft commissions. Answer C is the correchoibecause client brokerage commissions mnot recteto pfor the investment manager’s operating expenses. Answer B scribes how members ancantes shoultermine how to use brokerage commissions—this, if the use is in the best interests of clients anis commensurate with the value of the services provi Answer A scribes a practithis commonly referreto \"rectebrokerage.\" Because brokerage is asset of the client anis useto benefit the client, not the manager, supracties not violate a ty of loyalty to the client. Members ancantes are obligatein all situations to sclose to clients their practices in the use of client brokerage commissions.rt。。。。。。。。。。。。
老師 假設這題是pension, 這題的client指的是基金經理還是退休基金的員工?
broker commission 是怎么产生的呢?为什么是客户的assets ?