Softing Picture Still Fuzzy

SPECIAL REPORT

While both the UK's Financial Services Authority and the US Securities and Exchange Commission have outlawed the use of commissions to pay for certain activities, firms can still use commissions to pay for research and execution services. This has focused the debate over soft dollaring on the research industry in particular.

John Meserve, chairman of independent research provider BNY Jaywalk, says, "The number one issue is, how do you put a value on research?" When the SEC restricted the prac

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