|Untutored ramblings™ on the FCA’s conduct of business rules
An investment manager, asset manager, manager, or (with some arcane distinctions, investment adviser are all more or less the same thing: clever folk playing with other people’s money. They’re agents, and they may argue about unallocated trades. The big ones will also enjoy lording it over supine broker/dealers who, for all their bravura, will meekly surrender almost any credit protections in the face of a hot dispute from a big real money guy.
“Events of Default? Why, no, sir, we don’t need those!”