问题详见下方

问题如下：

Based on Exhibit 2, the average effective spread of the three trades is closest to:

选项：

A.

$0.0333.

B.

$0.0367.

C.

$0.0400.

解释：

C is correct. The effective bid–ask spread for buy orders is calculated as: Effective bid–ask spread (buy order) = 2 × {Trade price – [(Ask price + Bid price) / 2)]}

• Effective spread of Trade 1 = 2 × {$25.20 – [($25.20 + $25.17)/2]} = $0.0300.
• Effective spread of Trade 2 = 2 × {$25.22 – [($25.22 + 25.19)/2]} = $0.0300.
• Effective spread of Trade 3 = 2 × {$25.27 – [($25.26 + $25.22)/2]} = $0.0600.

The resulting average effective spread is then calculated as:

• Average effective spread = (Effective spread of Trade 1 + Effective spread of Trade 2 + Effective spread of Trade 3)/3.
• Average effective spread = ($0.0300 + $0.0300 + $0.0600)/3 = $0.0400.