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Rating:Fidelity Ends Some Soft Dollars Use Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, June 28, 2004

Fidelity Ends Some Soft Dollars Use

by: Theresa Sim

Fidelity will put an end to soft dollar arrangements for market data starting on July 1, the Wall Street Journal reported in a Monday article.

In place of paying for market data with soft dollars, Fidelity will buy the services directly. It will continue to use soft dollars for research services, which make up the bulk of its soft dollar total.

Fidelity spent $160 million on market data and $655 million on research services last year, the WSJ reported.

"We are not out to hurt third-party research...[w]e will always find a way to keep it and pay for it," said Scott DeSano, Fidelity's head of global equity trading.

Eric Roiter, Fidelity's general counsel, told Securities Industry Association conference attendees last Thursday that the fund firm was looking to disclose all soft dollar amounts, regardless of what the SEC eventually decides about the issue. A Fidelity spokesperson did not immediately return a call seeking comment on when the firm will begin disclosure. 

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