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

Kate · 2024年04月24日

如题

NO.PZ2023021602000046

问题如下:

Sherry Buckner, CFA, manages equity accounts for government entities whose portfolios are classified as being conservative and risk averse. Since the objective of her clients is to maximize returns with the lowest possible risk, Buckner considers adding to their holdings a new, thinly traded, leveraged derivative product that she believes has the potential for high returns. To make her investment decision, Buckner relies upon comprehensive research from an investment bank with a solid reputation for top quality research. After her review of that research, Buckner positions her accounts so each has a 10% allocation to the derivative product. Did Buckner most likely violate any CFA Institute Standards of Professional Conduct by purchasing the derivative product for her clients?

选项:

A.No.

B.Yes, related to Suitability.

C.Yes, related to Loyalty, Prudence, and Care.

解释:

B is correct as Buckner is in violation of Standard ll(C) since she did not consider issues such as the limited liquidity or any potential leverage of this new product when she invested a substantial percentage of her clients' portfolios in these instruments.A is incorrect because Buckner violated the suitability Standard.C is incorrect because Buckner relied upon comprehensive research from the investment bank.

为什么少量的衍生品对冲也不符合啊 这个不属于违反了suitability呀

1 个答案

王暄_品职助教 · 2024年04月25日

嗨,爱思考的PZer你好:


在这个问题中,Buckner 的客户目标是“最大化回报并尽可能降低风险”。然而,她选择添加一个新的、交易量较小的、杠杆化的金融衍生品到客户的投资组合中,而这个产品可能带来高风险和高回报。尽管她依赖了一家以高质量研究而闻名的投资银行所做的全面研究,但她为客户的投资组合分配了10%的资金到这个衍生品上,而没有充分考虑这个新产品的流动性限制和潜在的杠杆效应。


而根据Suitability标准要求,CFA成员和候选人必须确保投资建议或策略是适合客户的,这包括考虑客户的投资目标、风险容忍度、财务状况以及其他相关情况。在这个案例中,由于衍生品通常涉及更高的风险和复杂性,加上该产品交易量较小,可能意味着更高的流动性风险,因此在客户的投资组合中占据10%的比重可能并不适合那些被归类为保守和风险规避的政府实体。

因此,虽然Buckner依靠了可靠的研究,但她未能充分考虑这一新产品是否真正适合她的客户,即是否满足客户的投资目标和风险容忍度,尤其是考虑到客户的保守和风险规避特性。这就是为什么她的行为被视为违反了Suitability标准。即使衍生品在投资组合中只占一小部分,但如果不适合客户的整体投资策略和目标,那么这样的投资决策仍然可能违反Suitability标准。

----------------------------------------------
努力的时光都是限量版,加油!

  • 1

    回答
  • 0

    关注
  • 166

    浏览
相关问题