qestion: ethic: client brokerage and buy-side client

  1. in soft dollar arrangement, it mentioned "client brokerage ", what dose that mean? a client is a brokerage and give service the management firm? or other thing? Thanks. 2. in professionalism: Independent and objective, “Buy-side Clients”: what is buy-side client and sell-side analyst? Thanks.
  1. client-brokerage are the comissions paind by a money management firm to other firms for services. these comissions are property of the client and must be used in a manner that serves the client’s interests and not the firm’s. Its okay to use client-brokerage to pay for research that aids in invesment decisions, not okay to use it to pay for office supplies or other business costs, etc. 2. A sell-side analyst produces public research that is published on the street. These are the guys that makes up the consensus earnings estimates. examples - Merril Lynch or Cedit suisse. Buy side analysts work for money managment firms, mutual fund houses, etc. Think of published research reports as the “sell side” trying to sell ideas to the mutual funds, or “buy side” for comission or soft dollar business.