NO.PZ2021102801000006
问题如下：
Karen Swanson and Gabriel Russell recently co-founded Green Savanah Securities, an asset management firm conducting various equity and fixed-income strategies. Swanson and Russell are formulating Green Savannah’s trade policy. During a meeting, they agree on an initial set of themes regarding trade policy formation:
■ Theme 1: We should determine an optimal execution approach and apply that approach to each asset class managed.
■ Theme 2: In aggregating trades for pooled accounts, any partially executed orders need to be allocated on a pro-rata basis.
■ Theme 3: The principles behind our process to find a broker should be consistent across each asset class managed.
■ Theme 4: To act in our clients’ best interests, we need to disclose all trade errors to them.
Identify two inappropriate themes in the partners’ set. Justify your response.
解释：
Theme 1 is inappropriate because the optimal execution approach may differ by asset class, level of security liquidity, and security trading mechanism (order-driven markets, quote-driven markets, and brokered markets). Green Savannah’s trade policy document should describe the factors used in determining how an order can be executed in an optimal manner for a given scenario.
Theme 4 is inappropriate because as part of a suitable policy for the treatment of trade errors, those errors and any resulting gains/losses need to be disclosed to Green Savannah’s compliance department and documented in a trade error log. The priority is to ensure errors are resolved in a way that prevents adverse impact for the client, not to ensure complete disclosure.
第2点那句话不是太理解。以及第3点，broker需要consistent，意思是broker要采用一致的标准来执行交易，还是指需要用同一个borker？
