The attitude of asset managers is also hardening. With research expenses bundled into commissions for executing trades, brokers tend to flood their clients with research reports in order to try to grab a larger slice of trading revenues. Asset managers leave most of them unread. A survey by Britains CFA Society found that only 22% of its members thought this model best serves the interests of investors.
资产管理公司的态度也在变硬。随着研究经费捆绑到执行交易的佣金中,经纪人往往给他们客户提供大量的研究报告,以此在交易收益中获得更大的比例。资产管理公司的这些材料大都没读过。英国CFA协会进行的一项调查发现,只有22%的成员认为这种模式最符合投资者的利益。
Independent research outfits offer an alternative. Though small, their share of the research vote, an estimate of market share produced by Greenwich Associates, has grown since 2011. They are untainted by the conflicts of interest that bedevil banks offering research on clients, and that led to a 2003 settlement enforcing stricter separation of investment banking and research in America. In Europe commission sharing agreements have grown in popularity since they were introduced in 2003. These unbundle brokers commissions into costs for executing trades and costs for research, which clients can use to buy services from third parties.
独立研究团队是另一个选择。尽管规模很小,但是据Greenwich Associates的市场份额数据,他们的研究选择比例自2011年来有所增长。他们受到长期困扰银行给客户提供调查报告的利益冲突的影响,这导致了在2003年美国出台了针对投资银行和研究机构更严格的分离。在欧洲,佣金分成协议自从2003年引入以来,已经变得越来越流行。这些自由的经纪人的佣金用于执行交易和研究的花费,客户可以用来从第三方购买服务。
【12月英语六级外刊阅读:股票研究经济学】相关文章:
最新
2016-10-18
2016-10-11
2016-10-11
2016-10-08
2016-09-30
2016-09-30