On 8 April, Jollie also trades a second bond to rebalance one of Mahsud Financial’s portfolios. Jollie knows before executing her transaction that the bond is thinly traded. Although Jollie’s trade will materially affect the bond’s market price, it is not her intention to create price movement. A colleague witnesses the trade and large bond price change and says, “What a market overreaction; the bond price appears to be distorted now!” The colleague also points out to Jollie that Mahsud Financial’s policy on market manipulation states: “Mahsud Financial employees must refrain from making transactions that distort security prices or volume with the intent to mislead market participants.”
公司明文规定了避免在价格扭曲的时候下单,可是这个案例明知道价格扭曲依然下单为什么没有违反?
Ethic是Market的规范> 个人利益,这里虽然理解需要下单,但是公司应该是为了市场的规范