各位达人，小弟在看standards of practice handbook 时有一句话不知道怎么理解，请达人们帮忙解释一下。

Adhering to a code of ethics facilitates solution when faced with ethical dilemmas and can prevent the need of employees to resort to a "whistle blowing " solution. 主要是不知道该怎么去理解"whistle blowing " solution。

还有一句，institutional clients are traditionally the primary users of sell-side research, either directly or with soft dollar brokerage. 里面的soft dollar brokerage 怎么理解？

[此贴子已经被作者于2008-4-9 15:10:19编辑过]

Think of soft dollar brokerage as an agent, insitutional clients do not pay you directly for the reasearch, instead they are charged by agents (implicately by higher trading fees). Simple put, "indirectly through agent".

Whstle blowing solution can be compared to NBA referee officiating the game, whenever the fouls, they blow the whistle. However, if you are a good boy and stick to CFA code of ethics all the time, there are no fous, refs are not needed, right?