NO.PZ2021101401000038
问题如下：
Johnson explains to Martin that the number of venues trading the same instruments has proliferated in recent years, and trading in any given instrument has now been distributed across these multiple venues. As a result, the available liquidity on any one of those exchanges represents just a small portion of the aggregate liquidity for that security. As a result, Star Asset Management (SAMN) has had to adapt its trading strategies, particularly for large trades.
The reason for SAMN having to adapt its trading strategies is a result of:
选项：
A. latency
B. market fragmentation.
C. high frequency trading.
解释：
B is correct. According to Johnson, markets have become increasingly fragmented as the number of venues trading the same instruments has proliferated and trading in any given instrument has been split (or fragmented) across these multiple venues. As a result, the available liquidity on any one exchange represents just a small portion of the aggregate liquidity for that instrument. This phenomenon is known as market fragmentation and creates the potential for price and liquidity disparities across venues. As a result, SAMN has had to adapt its trading strategies to this fragmented liquidity to avoid intensifying the market impact of a large trade.
A讲到的知识点，谢谢
