Fair Dealing
The obligation to treat all clients equitably when taking investment action or disseminating research — the same opportunity, access, and timing — rather than ranking them by how much revenue they generate. Its sharpest violation is front-running: trading for your own account ahead of a client order or ahead of research the client is entitled to, capturing a price move that should have been theirs. It is a breach even when the underlying opinion is correct, because the harm is the self-serving sequencing, not the view.
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Related terms
Business · CEO Pay Ratio · Conflict of Interest · Explanation by Omission · Form 4 · GIPS
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