Soft Dollars, Hard Times

WATERS SOAPBOX

A few weeks ago, the SEC released a proposed interpretive guide to Section 28(e) of the Securities Act of 1934, which defines the products and services that can be "safe harbored," or listed as soft dollars, and which cannot.

In typical SEC fashion, the release contains few surprises. The Commission affirms money managers' ability to spend soft dollars on well-defined advice, analyses/reports and brokerage services. As long as these contain "reasoning and knowledge" they're soft-dollar-friendly

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Systematic tools gain favor in fixed income

Automation is enabling systematic strategies in fixed income that were previously reserved for equities trading. The tech gap between the two may be closing, but differences remain.

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