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for trade execution and ask that broker to allocate a portion of the commission directly to an independent research provider. CSAs consist of a percentage of execution fees, that are directed to pay for research reports from sell-side banks. The form of a CSA can be as short as one page. One of the
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disadvantages of CSAs is the counterparty risk, that the broker becomes as the cash is held on the broker's balance sheet and not in a segregated client account. Moves included in
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Are CCAs Safe? -- Growing
Counterparty Risk Drives The Buy Side To Rethink Client Commission Agreements And Consolidating Broker Relationships
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such as the creation of
Research Payment Accounts (RPAs) aim to address this issue.
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51:to separately pay the executing
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77:"IND-X Advisors | Home"
29:Commission Sharing Agreement
37:Client Commission Agreement
18:Client commission agreement
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47:arrangement that allows
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136:2014-06-21 at the
101:"Example of a CSA"
16:(Redirected from
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106:. Archived from
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43:), is a type of
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138:Wayback Machine
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49:money managers
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45:soft dollar
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64:References
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134:Archived
58:MiFID II
53:broker
111:(PDF)
104:(PDF)
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87:2012
41:CCA
33:CSA
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