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It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
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Tuesday, July 01, 2008
Citrix Expands Channel Incentive Program for Partners That Deliver Embedded XenServer Solutions
Comtex
FORT LAUDERDALE, Fla., Jul 01, 2008 (BUSINESS WIRE) ----Citrix Systems, Inc. (NASDAQ:CTXS), the global leader in application delivery infrastructure, extended its popular Citrix Advisor Rewards program today to pay channel partners on sales of Citrix XenServer(TM) software that ships as an embedded feature in servers from original equipment manufacturers (OEMs) like HP. The program, originally introduced in 2004, pays Citrix(R) Solution Advisors for designing and delivering solutions based on Citrix application delivery products, even if a different channel partner ultimately fulfills the order. Extending the program to include embedded versions of XenServer eliminates any potential channel conflict with OEM partners and ensures strong incentives across the board by compensating partners that influence embedded XenServer deals as well as those who fulfill them.
"With this new OEM element Citrix has once again set the standard in partner profitability with its Citrix Advisor Rewards program," stated Scott Gorcester, President, Moose Logic, a leading Seattle-based IT services firm. "I am free to focus on being a trusted advisor to my customers without worrying about profitability. Citrix has once again proved to me and to the industry that it understands how to best leverage their partners to meet customer needs. The channel is clearly part of its DNA."
Citrix has announced several OEM agreements in recent months to embed XenServer in servers from leading systems vendors such as HP. As a result of today's announcement, the Citrix Advisor Rewards program now pays channel partners on sales of these products, effectively eliminating potential channel conflict and focusing the extensive expertise of Citrix Solution Advisors on delivering the best possible solutions to customers. With OEM products now included in the rewards program, systems manufacturers that embed Citrix technology can leverage an extensive pool of channel resources and expertise to address their customers' ever changing needs.
"We continually work with our partners to build the most profitable partner program and the most skilled partner community," stated Al Monserrat VP Channels, Strategy & Sales Operations for Citrix. "As a channel-centric company, we recognize the value our partners bring to a total solution, including the specification of hardware that includes embedded Citrix products."
In March 2008, Citrix and HP announced the availability of the integrated server virtualization solutions Citrix XenServer HP Enterprise and HP Select Editions. The new products feature a unique and exclusive easy-to-use graphical management console and are seamlessly integrated with HP Insight Control management software that administers HP ProLiant and BladeSystem servers. With this new solution, customers are able to deploy and manage a virtualized environment and benefit from the ability to purchase an entire server virtualization solution from HP with the added benefit of interoperability and HP support.
"Customers want to implement virtualization with reduced risk, and HP understands that the channel is essential to meeting those requirements," said Scott Farrand, vice president, Industry Standard Server Software, HP. "Citrix's new channel program enables partners to offer a comprehensive virtualization solution that integrates the power of HP ProLiant servers with the rich functionality of the Citrix XenServer HP Select Edition from a single, reliable source."
About Citrix
Citrix Systems, Inc. (NASDAQ:CTXS) is the global leader and the most trusted name in application delivery infrastructure. More than 215,000 organizations worldwide rely on Citrix to deliver any application to users anywhere with the best performance, highest security and lowest cost. Citrix customers include 100 percent of the Fortune 100 companies and 99 percent of the Fortune Global 500, as well as hundreds of thousands of small businesses and prosumers. Citrix has approximately 8,000 partners in more than 100 countries. Annual revenue in 2007 was $1.4 billion.
Citrix(R) and Citrix XenServer(TM) are trademarks of Citrix Systems, Inc. and/or one or more of its subsidiaries, and may be registered in the U.S. Patent and Trademark Office and in other countries. All other trademarks and registered trademarks are property of their respective owners.
SOURCE: Citrix Systems, Inc.
Citrix Systems, Inc. Jason Wyse, 786-449-3740 jason.wyse@citrix.com or A&R Edelman Chris Buckley, 650-762-2842 chris.buckley@ar-edelman.com
Copyright Business Wire 2008
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