A Latin term that means “something for something.” The term has found much usage in the securities industry and among lawyers. Its use has grown in the stock market context after the stock market bubble burst in 2000. Regulators began investigating conflicts of interest between a bank’s allocation of hot initial public offerings and its selection to lead other lucrative investment banking business.

In return for receiving issues in highly sought after IPOs, many companies and corporate executives were expected to give banks other investment banking business or direct trades through the bank, often at inflated commission rates.