1- An investment manager directs a certain client's orders to a certain broker for execution in exchange for research from the broker. This arrangement is referred to as a:

a- Position trading.

b- Soft dollar arrangment.

c- Best effort arrangment.

d- Commission trades.

e. Private placement.

2- The largest asset on the typical broker-dealers' balance sheet in 2015 was

A)	long positions in securities and commodities.

B)	receivables from other broker-dealers.

C)	repurchase agreements.

D)

cash.

E)	reverse repurchase agreements.