开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

005 · 2023年06月04日

a limit order of $42.00.

  1. CFA III
  2. Trading&Performance

NO.PZ2020020202000012

问题如下：

The next day, Harding instructs Yellow to revisit their research on BYYP, Inc. Yellow’s research leads her to believe that its shares are undervalued. She shares her research with Harding, and at 10 a.m. he instructs her to buy 120,000 shares when the price is $40.00 using a limit order of $42.00.
The buy-side trader releases the order for market execution when the price is $40.50. The only fee is a commission of $0.02 per share. By the end of the trading day, 90,000 shares of the order had been purchased, and BYYP closes at $42.50. The trade was executed at an average price of $41.42. Details about the executed trades are presented in Exhibit 1.

Based on Exhibit 1, the execution cost for purchasing the 90,000 shares of BYYP is:

选项：

A.

$60,000.

B.

$82,500.

C.

$127,500.

解释：

C is correct.

Execution cost is calculated as the difference between the cost of the real portfolio and the paper portfolio. It reflects the execution price(s) paid for the number of shares in the order that were actually filled or executed. The execution cost is calculated as:
Execution cost = ∑SjPj−∑SjPd\sum S_jP_j-\sum S_jP_d
= [(10,000 shares × $40.75) + (30,000 shares × $41.25) + (20,000 shares × $41.50) + (30,000 shares × $41.75)] – (90,000 × $40.00)
= $3,727,500 – $3,600,000
= $127,500

请问本题条件中 a limit order of $42.00是否通常不会涉及到trading的相关计算中？

添加评论
1 个答案

笛子_品职助教 · 2023年06月05日

嗨，努力学习的PZer你好：


请问本题条件中 a limit order of $42.00是否通常不会涉及到trading的相关计算中？


本题计算中并未涉及到 a limit order of $42.00。


根据执行成本公式：

= [(10,000 shares × $40.75) + (30,000 shares × $41.25) + (20,000 shares × $41.50) + (30,000 shares × $41.75)] – (90,000 × $40.00)

= $3,727,500 – $3,600,000

= $127,500


这里只有实际交易价格，以及发出订单时的市场价40元，并不涉及到42元。


----------------------------------------------
加油吧，让我们一起遇见更好的自己！

  • 1

    回答

  • 0

    关注

  • 300

    浏览
相关问题

NO.PZ2020020202000012 问题如下 The next y, Harng instructs Yellow to revisit their researon BYYP, InYellow’s researlea her to believe thits shares are unrvalue She shares her researwith Harng, an10 a.m. he instructs her to buy 120,000 shares when the priis $40.00 using a limit orr of $42.00.The buy-si trar releases the orr for market execution when the priis $40.50. The only fee is a commission of $0.02 per share. the enof the trang y, 90,000 shares of the orr hbeen purchase anBYYP closes $42.50. The tra wexecuteaverage priof $41.42. tails about the executetras are presentein Exhibit 1.Baseon Exhibit 1, the execution cost for purchasing the 90,000 shares of BYYP is: A.$60,000. B.$82,500. C.$127,500. C is correct.Execution cost is calculatethe fferenbetween the cost of the reportfolio anthe paper portfolio. It reflects the execution price(s) paifor the number of shares in the orr thwere actually filleor execute The execution cost is calculateas: Execution cost = ∑SjPj−∑SjPsum S_jP_j-\sum S_jP_Sj​Pj​−∑Sj​P= [(10,000 shares × $40.75) + (30,000 shares × $41.25) + (20,000 shares × $41.50) + (30,000 shares × $41.75)] – (90,000 × $40.00)= $3,727,500 – $3,600,000= $127,500 cision price和arrivpri同时出现时，每次都选cision price吗 有使用arrivpri的时候吗 谢谢

2024-08-14 18:36 1 · 回答

NO.PZ2020020202000012 问题如下 The next y, Harng instructs Yellow to revisit their researon BYYP, InYellow’s researlea her to believe thits shares are unrvalue She shares her researwith Harng, an10 a.m. he instructs her to buy 120,000 shares when the priis $40.00 using a limit orr of $42.00.The buy-si trar releases the orr for market execution when the priis $40.50. The only fee is a commission of $0.02 per share. the enof the trang y, 90,000 shares of the orr hbeen purchase anBYYP closes $42.50. The tra wexecuteaverage priof $41.42. tails about the executetras are presentein Exhibit 1.Baseon Exhibit 1, the execution cost for purchasing the 90,000 shares of BYYP is: A.$60,000. B.$82,500. C.$127,500. C is correct.Execution cost is calculatethe fferenbetween the cost of the reportfolio anthe paper portfolio. It reflects the execution price(s) paifor the number of shares in the orr thwere actually filleor execute The execution cost is calculateas: Execution cost = ∑SjPj−∑SjPsum S_jP_j-\sum S_jP_Sj​Pj​−∑Sj​P= [(10,000 shares × $40.75) + (30,000 shares × $41.25) + (20,000 shares × $41.50) + (30,000 shares × $41.75)] – (90,000 × $40.00)= $3,727,500 – $3,600,000= $127,500 请问这一题的Execution Cost与上一小题的ArrivCost（金额形式）是否都是衡量已经交易的shares的成本？两种cost的差异是否仅是benchmark price的不一样？我理解前者是选择cision Price，后者是有四种选择，对吗？

2024-05-01 14:09 1 · 回答

NO.PZ2020020202000012 问题如下 The next y, Harng instructs Yellow to revisit their researon BYYP, InYellow’s researlea her to believe thits shares are unrvalue She shares her researwith Harng, an10 a.m. he instructs her to buy 120,000 shares when the priis $40.00 using a limit orr of $42.00.The buy-si trar releases the orr for market execution when the priis $40.50. The only fee is a commission of $0.02 per share. the enof the trang y, 90,000 shares of the orr hbeen purchase anBYYP closes $42.50. The tra wexecuteaverage priof $41.42. tails about the executetras are presentein Exhibit 1.Baseon Exhibit 1, the execution cost for purchasing the 90,000 shares of BYYP is: A.$60,000. B.$82,500. C.$127,500. C is correct.Execution cost is calculatethe fferenbetween the cost of the reportfolio anthe paper portfolio. It reflects the execution price(s) paifor the number of shares in the orr thwere actually filleor execute The execution cost is calculateas: Execution cost = ∑SjPj−∑SjPsum S_jP_j-\sum S_jP_Sj​Pj​−∑Sj​P= [(10,000 shares × $40.75) + (30,000 shares × $41.25) + (20,000 shares × $41.50) + (30,000 shares × $41.75)] – (90,000 × $40.00)= $3,727,500 – $3,600,000= $127,500 为何不加fee90000*0.02=1,800的费用？

2024-02-06 14:22 1 · 回答

NO.PZ2020020202000012问题如下The next y, Harng instructs Yellow to revisit their researon BYYP, InYellow’s researlea her to believe thits shares are unrvalue She shares her researwith Harng, an10 a.m. he instructs her to buy 120,000 shares when the priis $40.00 using a limit orr of $42.00.The buy-si trar releases the orr for market execution when the priis $40.50. The only fee is a commission of $0.02 per share. the enof the trang y, 90,000 shares of the orr hbeen purchase anBYYP closes $42.50. The tra wexecuteaverage priof $41.42. tails about the executetras are presentein Exhibit 1.Baseon Exhibit 1, the execution cost for purchasing the 90,000 shares of BYYP is: A.$60,000. B.$82,500. C.$127,500. C is correct.Execution cost is calculatethe fferenbetween the cost of the reportfolio anthe paper portfolio. It reflects the execution price(s) paifor the number of shares in the orr thwere actually filleor execute The execution cost is calculateas: Execution cost = ∑SjPj−∑SjPsum S_jP_j-\sum S_jP_Sj​Pj​−∑Sj​P= [(10,000 shares × $40.75) + (30,000 shares × $41.25) + (20,000 shares × $41.50) + (30,000 shares × $41.75)] – (90,000 × $40.00)= $3,727,500 – $3,600,000= $127,500 是否加lcost就看题目给的条件是吗

2023-06-17 15:32 1 · 回答