Dilemmas

ON BALANCE

• One issue that occasionally comes up at our conferences is that of "soft dollaring" or soft commissioning. As discussed on page 5, while the Financial Services Authority in the UK and the Securities and Exchange Commission in the US have both come out with guidance on the practice, the impact on the market data and research industries remains unclear.

Both regulators have protected the use of softing for execution and research services, but the question remains: what will the buy side do if