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Special Report on

CSA/Soft Dollar Execution

csa soft dollar execution special research report Photo by
On January 11, 2008, the Canadian Securities Administrators (CSA) published a revised version of National Instrument 23-102 Use of Client Brokerage Commissions as Payment for Order Execution Services or Research Services (the Instrument) as well as Companion Policy 23-102 CP (the Policy). The Instrument and Policy were originally published in July 2006 (the 2006 Instrument and Policy) [See Stikeman Elliott Securities Law Update of August 2006 ]. In response to numerous comments received, the CSA has made substantive amendments to the 2006 Instrument and Policy by limiting the application of the Instrument, broadening the ...
when Union forces do not find a copy of Special Order 191, on September 10, 1862. The novels detail the consequences of this until 1944 in the alternate world.
Integrity Research» Blog Archive » Regulators Cloud Commission ...
New York – New disclosure requirements for pension funds being implemented in July, 2010 will increase disclosure of the commission (’soft dollar’) arrangements for both proprietary investment banking research and third party alternative research.  However, we believe there will be greater scrutiny of commissions paid to third party alternative research providers because of lower standards of disclosure required for bundled proprietary research. Despite the good intentions of the Department of Labor (DOL), we are skeptical that the new guidelines will improve understanding of soft dollar commission, or add any ... market research, surveys and trends
The Boston Options Exchange (BOX) Selects Firm58 for On-Demand ...
Firm58 replaces BOX's in-house billing system and provides exchange participants with online access to trade details and balances   CHICAGO — February 4, 2010 — Firm58 ( ), a financial management software provider, today announced The Boston Options Exchange Group, LLC (BOX) , an all-electronic equity options market, has selected Firm58 to automate its billing processes.   The Boston Options Exchange Group is using Firm58's Software as a Service (SaaS) solution to manage bill calculation, invoice presentation and delivery, and revenue reporting. In addition, BOX exchange Participants can use ... market research, surveys and trends


Changes afoot for corporate access
A function that has historically been dominated by some of the world’s best-known investment banks, corporate access departments are being assembled by countless new players looking to bolster their service to buy-side clients. Corporate access is a lucrative business. In 2008 the commissions allocated to it totaled more than $2 bn, according to data from Greenwich Associates. Rick Hanley, chairman and CEO of Hanley & Associates, thinks the figure for 2009 could be lower, however. ‘Early indications are that it may be down 20 percent in terms of general overall commissions,’ he says. ‘We are seeing more ... industry trends, business articles and survey research
Canada Issues New Soft-Dollar Guidance
Canadian regulators have issued new soft-dollar commission disclosure requirements, which, if adopted, would be less ambitious than those originally proposed in July 2006, but stricter than the Securities and Exchange Commission’s. Reflecting market concerns, the soft-dollar measures, out for comment until April 10, place greater emphasis on narrative disclosure while significantly reducing the amount of quantitative disclosure. “Due to the lack of precision regarding costs for bundled services, as well as timing differences between the trades that generate the commissions and the payment with those commissions for the ... industry trends, business articles and survey research


The Value of Partnership
We also offer program trading and CSA/soft dollar execution services. Last year marked another record year of growth in trading volume with our ... technology research, surveys study and trend statistics
Comment Letter on File No. S7-09-05
Mar 28, 2006 ... /introducing broker as part of the CSA.3 In our view, .... by the Execution Service Provider, result in “soft dollar credits” that ... technology research, surveys study and trend statistics
What is a Financial Services Institution? What is a Security? Who ...
Other Trading Issues. ➢ Best Execution. ➢ Short Sales. ➢ Soft Dollars. ➢ Payment for Order Flow ... NASAA-CSA Investment Fraud Awareness Quiz (handout) ...
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