NO.PZ2016031001000068
问题如下：
Bond dealers most often quote the:
选项：
A.flat price.
B.full price.
C.full price plus accrued interest.
解释：
A is correct.
Bond dealers usually quote the flat price. When a trade takes place, the accrued interest is added to the flat price to obtain the full price paid by the buyer and received by the seller on the settlement date. The reason for using the flat price for quotation is to avoid misleading investors about the market price trend for the bond. If the full price were to be quoted by dealers, investors would see the price rise day after day even if the yield-to-maturity did not change. That is because the amount of accrued interest increases each day. Then after the coupon payment is made the quoted price would drop dramatically. Using the flat price for quotation avoids that misrepresentation. The full price, flat price plus accrued interest, is not usually quoted by bond dealers. Accrued interest is included in not added to the full price and bond dealers do not generally quote the full price.
考点：flat price & full price
解析：bond dealer通常是以flat price作为报价，故选项A正确。
没明白dealer 报价报flat price的逻辑在哪？交易不还得用full price吗？
