NO.PZ202206140600000402
问题如下：
Which trading option is most appropriate for selling securities from the new technology sector of the UPX Fund?选项：
A.Option 1 B.Option 2 C.Option 3解释：
SolutionB is correct. A scheduled algorithm over the eight-week period is the best option for selling the securities. There is sufficient liquidity in the market, because on any given day, the amount sold will be approximately 0.5% of the daily volume: 20% daily volume ÷ (5 days × 8 weeks) = 0.5%. The price impact of trading will be minimal, and there is no trade urgency given the time horizon for liquidating the shares.
A is incorrect. Given that the trade can be executed over a two-month period, there is no reason to incur the expense of having a broker act as a principal trader for all the shares. If there were a need to trade the shares quickly, this kind of strategy could be warranted.
C is incorrect. A dark pool is more appropriate when a given trade can reveal valuable information about the security being traded. In this case, the trading has no information value and needs to eventually be fully executed; in addition, a dark pool does not guarantee execution.
讲义上写流动性好、小单，non-trending 才适合scheduled algorithm ，但这道题中写The volume of shares that need to be sold is approximately 20% of the daily volume in their respective individual markets, 这个算是大单了吧，这么能选scheduled algorithm？
