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tqcsummer · 2020年06月07日

问一道题:NO.PZ2016040303000028 [ CFA III ]

问题如下:

Carter works for Invest Today, a local asset management firm. A broker that provides Carter with proprietary research through client brokerage arrangements is offering a new trading service. The broker is offering low-fee, execution-only trades to complement its traditional full-service, execution-and-research trades. To entice Carter and other asset managers to send additional business its way, the broker will apply the commissions paid on the new service toward satisfying the brokerage commitment of the prior full-service arrangements. Carter has always been satisfied with the execution provided on the full-service trades, and the new low-fee trades are comparable to the fees of other brokers currently used for the accounts that prohibit soft dollar arrangements.

选项:

A.

Carter can trade for his accounts that prohibit soft dollar arrangements under the new low-fee trading scheme.

B.

Carter cannot use the new trading scheme because the commissions are prohibited by the soft dollar restrictions of the accounts.

C.

Carter should trade only through the new low-fee scheme and should increase his trading volume to meet his required commission commitment.

解释:

A  is correct.

Answer The question relates to Standard III(A) –Loyalty, Prudence, and Care. Carter believes the broker offers effective execution at a fee that is comparable with those of other brokers, so he is free to use the broker for all accounts. Answer B is incorrect because the accounts that prohibit soft dollar arrangements do not want to fund the purchase of research by Carter. The new trading scheme does not incur additional commissions from clients, so it would not go against the prohibitions. Answer C is incorrect because Carter should not incur unnecessary or excessive "churning" of the portfolios (excessive trading) for the purpose of meeting the brokerage commitments of soft dollar arrangements.

想问一下 towards satisfying the brokerage commitment 是什么意思,要怎么翻译啊
1 个答案

王暄_品职助教 · 2020年06月08日

嗨,努力学习的PZer你好:


这个要合在一起翻译,意思是:经纪公司也会对之前的full-service收取正常佣金以便于实行全面服务

给你进一步分解一下:

  • Broker之前只提供一种execution,也只有一种commission 的价格
  • 现在broker提供两种:一种是低价的只进行交易,不提供格外服务,commission较低;另一种既提供交易,又提供额外服务比如提供研报等,所以commission高
  • 你问的satisfying the brokerage commitment的意思就是:满足之前的broker所提供的额外服务的承诺

若还没理解,继续反馈给我


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