Browsing: Commissions

2013 in Review

12/30/2013
Market Environment After a strong first quarter, commissions frustratingly continued their five year decline despite a robust stock market.  One positive for equity research (and a negative for macro research) was ...

FCA Proposes Changes For Research Commissions

12/02/2013
As promised, the UK’s Financial Conduct Authority (FCA) released last week its consultation paper which proposes clarifications on what is permissible to be paid with commissions, namely that corporate access ...

FCA Chief Attacks Commissions

10/30/2013
Earlier today, the head of the UK’s Financial Conduct Authority (FCA) threw down the gauntlet on fund managers’ use of client commissions to pay for investment research.  In a landmark ...

Survey: Compliance Vigilance Remains High

10/21/2013
A recent survey of investment advisers showed that insider trading continues to be a hot button compliance issue, along with advertising/marketing, social media and political contributions/pay to play. The Investment Adviser ...

UK Regulators And Research Commissions

09/23/2013
Last week, we wrote a blog about recent discussions in the UK regarding the possibility that regulators could ban the use of client commissions to pay for sell-side and independent ...

Will the UK Ban Payment for Research with Client Commissions?

09/17/2013
Visiting London last week, it was clear how white-hot the topic of commission payments for research has become.  The CFA Society of the UK released a poll of its members ...

SEC Condones Fixed Income Soft Dollars

09/10/2013
The U.S. Securities and Exchange Commission recently issued a no action letter to Carolina Capital Markets, Inc. confirming that it is permissible to use commissions generated by fixed income securities ...

SEC Accuses Advisor of Misappropriating Soft Dollars

09/04/2013
The Securities and Exchange Commission accused a San Diego-based investment adviser of misappropriating over $1million in soft dollar commissions, as well as cherry-picking trades to favored clients. J.S. Oliver Capital Management, ...

IMA Forum Opens Debate on Bundling

07/30/2013
The UK’s Investment Management Association’s first open forum on commission management had a lively discussion on whether the asset management industry needs to change the way it spends client commissions ...

Pay Me What You Think It’s Worth

07/16/2013
The Financial Times published an interesting article on research by the chief executive of the UK’s Investment Management Association, the trade association for UK asset managers.  The letter mustered a ...
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