Commentary

Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

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November 8, 2005

Don't Call Them Soft' Anymore

By Peter Chapman

Soft is out. The chief regulatory bodies in the U.S. and the U.K. have decided to stop

using the terms "soft dollars" and "soft commissions," respectively. In the U.S., the Securities and Exchange Commission will now use the term "client commission arrangements" to describe the use of commissions to pay for research services. That's according to Larry Bergman, a senior associate director at the SEC, who was speaking at a recent industry conference. In the U.K., the Financial Services Authority intends to "remove the phrase soft commissions' from our regulatory lexicon," said Christina Sinclair, an FSA exec, at the same conference. "Commissions can be used to pay for research and execution," she said. "It's as simple as that."