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CSAs: Possible Pitfalls

Traders Magazine, December 2006

Editorial Staff

Commission sharing arrangements typically involve three parties: a money manager, an executing broker and a research broker. The money manager in conjunction with his supplier of research, the research broker, will determine the value of the research. He then tells the execution broker, typically an agency, or bulge bracket firm, how much to pay the research broker. There may or may not be an invoice.

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