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moon · 2022年08月23日

老师，这两段话都没看明白啥意思，可以解释下吗?

  1. CFA III
  2. Ethics

* 问题详情，请 查看题干

NO.PZ201604030300004103

问题如下：

3. With regard to the IPO share allocation, are both NGM’s method of trade correction on 15 May and Locke’s demand for a short-term interest credit, respectively, consistent with the CFA Institute Standards of Professional Conduct?

选项：

A.

Yes.

B.

No, only the method of trade correction is consistent.

C.

No, only the demand for a short-term interest credit is consistent.

解释：

C is correct.

Locke’s interest claim is legitimate since the Fund’s cash was employed to purchase equities that were later removed from the account. Therefore, the Fund is owed interest for the period in question.



老师，这两段话都没看明白啥意思，可以解释下吗?


  1. 是说fund收到了50，000股，多收了，但是自己就把多收的卖出了？

【Locke: "The Fund’s portfolio received 50,000 shares of an initial public offering (IPO) on 1 April. On 15 May, 30,000 shares were removed at the current market price."

Black: "There was a problem with NGM’s IPO allocation algorithm. Initially, you were over-allocated and when we discovered the error, your account was adjusted."】


  1. 这句话啥意思？

【Locke: "Short-term interest should have been credited to the Fund for use of its cash to cover the trade. In any case, this was an IPO of a large international high-tech company. It was not an appropriate investment for the portfolio."】

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1 个答案

王暄_品职助教 · 2022年08月24日

1、是说fund收到了50，000股，多收了，但是自己就把多收的卖出了？

【Locke: "The Fund’s portfolio received 50,000 shares of an initial public offering (IPO) on 1 April. On 15 May, 30,000 shares were removed at the current market price."

Black: "There was a problem with NGM’s IPO allocation algorithm. Initially, you were over-allocated and when we discovered the error, your account was adjusted."】

在4月1日，NGM公司用为分配算法问题错误的将20,000份股票买成了50,000份股票，然后后来发现了错误，在5月15日又把30,000份的股票卖掉了，这样是对客户的不负责任，所以NMG这家公司的correction是没有对客户负责的行为。


2、这句话啥意思？

【Locke: "Short-term interest should have been credited to the Fund for use of its cash to cover the trade. In any case, this was an IPO of a large international high-tech company. It was not an appropriate investment for the portfolio."】

Locke要求“ short-term interest should have been credited to the fund for use of its cash to cover the trade” 这句话的意思是：从4月1日到5月15日这段期间，我本应该持有的是现金，而不是多出来的这30,000份股票，这些现金其实可以在这一个半月中有一个短期的收入，所以Locke要求这家NGM公司补偿这段时间的短期收入。Locke这个要求是完全正确，且对自己的客户负责的。



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2020-03-15 18:37 1 · 回答

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