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baihe · 2022年04月22日

这道题的题干没有读懂 可以解释一下嘛?

NO.PZ2018062009000028

问题如下:

Smith, an analyst in a local asset management firm, covers Brazil equities and directs brokerage to Brazil who pays Smith’s briefing trip to Brazil through a soft dollar arrangement. Smith is not sure that the broker’s execution is competitive and he decides to use commission dollars to pay for his hotel expenses. Does Smith violate the Code and Standards?

选项:

A.

Yes, Smith violates Standard III(A) by not knowing whether the commissions charged by Brazil are reasonable and using commission dollars to pay hotel expenses.

B.

Yes, Smith violates Standard III(A) only by using commission dollars to pay hotel expenses.

C.

No, Smith doesn't violate Code and Standards.

解释:

A is correct.

Smith violates Standard III(A) by not exercising her duty of loyalty to her clients. He should have determined whether the commissions charged by Brazil are reasonable in relation to the benefit of the research provided by the trip. The hotel expenses should not be paid for with commission dollars, which is client's asset.

Smith因为没有对客户旅行忠诚的责任而违反了准则III(A)。他应该确定Brazil提供的旅行是否直接有利于帮助客户做投资决策。佣金不可以用来付旅行的费用,因为佣金依然属于客户的钱。

可以详细解释一下题干是什么意思吗?还有comission到底是谁出钱谁收钱呢。是clients先给analyst钱,之后analyst需要交易的时候再把commission给broker吗?

1 个答案
已采纳答案

王暄_品职助教 · 2022年04月22日

Smith是当地一家资产管理公司的分析师,负责巴西股票业务,并将经纪业务委托至巴西。巴西负责人通过软美元安排支付史密斯前往巴西的旅行费用。 Smith不确定巴西负责人的执行是否具有竞争力,但他决定使用佣金来支付他的酒店费用。 问Smith是否违反准则和标准


  1. 所有的soft dollar必须直接有利于manager帮客户做投资才可以收
  2. commision是客户先给manager(相当给manger的交易佣金),然后manager去寻找外部broke的时候也要拿钱给broker,其实这笔钱也是从客户头上出的,羊毛出在羊身上,所以寻找的外部broker必须有利于客户满足best excution & best price原则


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