🇩🇪Germany

Unbillige/Versteckte Forschungskosten durch Soft-Dollar-Arrangements

3 verified sources

Definition

Soft-Dollar-Arrangements ermöglichen es, dass Research über Handelsprovisionen bezahlt wird, ohne dass die echten Kosten offengelegt werden. Dadurch entstehen: (a) nicht-abgerechnete Dienstleistungen, (b) Gebührenunterschiede zwischen Twin-Fonds (EU vs. US), (c) fehlende Granularität bei Kostenverteilung. Studien zeigen, dass für jeden Dollar versteckter Forschungskosten nur 0,79 € echten Wert für Investoren entstand.

Key Findings

  • Financial Impact: €2–€5 Mio./Jahr (große Gesellschaften); pro unbillter Kostenposition ~€10.000–€50.000; 21-Cent-Verlust pro Dollar Soft-Dollar-Arrangement
  • Frequency: Monatlich (bei jedem Handelsabschluss mit Research-Bundling)
  • Root Cause: Mangelnde technische Unterscheidung zwischen Handelsprovisionen und Research-Kosten; fehlende Kostenstellenaufteilung; keine API-Integration zu Brokern

Why This Matters

This pain point represents a significant opportunity for B2B solutions targeting Investment Management.

Affected Stakeholders

Research Procurement, Fund Accounting, Broker Relationship Management, Investor Reporting

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Financial Impact

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Current Workarounds

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Methodology & Sources

Data collected via OSINT from regulatory filings, industry audits, and verified case studies.

Evidence Sources:

Related Business Risks

MiFID II Compliance & Unbundling Strafen

€50.000–€200.000/Jahr pro Asset Manager (Verwarnungen, Schadensersatz); ca. 1% Fondsperformance-Verlust = €5–€50 Mio. für große Fondsgesellschaften; 0,21 €-Verlust pro verstecktem Dollar (Studien belegen)

Lack of Visibility in Broker Research Allocation (Forschungsbudget-Blindheit)

€500K–€2M/Jahr pro Asset Manager; 10–15% inefficiency in broker selection

Mangelnde Transparenz bei der Meldung von Gegenpartei-Engagements gegenüber BaFin und ECB

€10,000–€100,000 per submission error or late filing (BaFin discretionary fines); €50,000–€500,000 for systemic reporting failures; 80–160 hours/month in manual COREP data preparation and reconciliation

Datenverzögerungen bei der Bewertung von Gegenparteien-Bonitätsrisiko (CVA-Mangel)

€50,000–€500,000 annually in basis point losses per fund/desk (2–5% pricing drift per unhedged derivative portfolio); 60–120 hours/month in manual CVA reconciliation

Investmentdienstleistungs-Compliance-Strafen (WpHG §83 Verstöße)

HARD Evidence: Deutsche Bank AG €23.05 million (Feb 2025); UmweltBank AG €520,000 (Apr 2025). Estimated fine range for investment firms: €100,000–€25,000,000+ depending on severity, client assets, and recidivism. Typical: €500,000–€5,000,000 for mid-market asset managers.

Manuelle Compliance-Infrastruktur und Über-Staffing

LOGIC Evidence: Estimated cost overrun €150,000–€800,000 annually per mid-market asset manager (AUM €500M–€5B). Breakdown: (a) Compliance FTE: 3–8 staff × €80,000–€120,000 annual cost = €240,000–€960,000; (b) Manual system maintenance, audit prep, rework = €50,000–€200,000. Conservative estimate: €300,000–€400,000 annually in avoidable overhead for firms <€5B AUM.

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