Quid pro quo literally means “something for something” and is an equal exchange or substitution that a person or firm makes with another in return for something done or given or promised. Put another way, it signifies that which each party to an agreement expects from the other, sometimes called mutual consideration. For example, “She denied that the job was a quid pro quo.” While quid pro quo agreements are sometimes viewed negatively, it is not always the case. In financial circles, the term is typically used to describe a mutual agreement between in which each party provides a good or service in return for a good or service. For example in the securities industry is a soft dollar agreement. In a soft dollar agreement, one firm, such as an institutional investor, provides orders to a brokerage firm as a quid pro quo for in-depth research from the brokerage firm. This exchange of services is used as consideration instead of a traditional, hard dollar payment.