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迷雾森林 · 2024年06月30日

问题

NO.PZ2023021602000057

问题如下:

Chris Rodriguez, CFA, is a portfolio manager at Nisqually Asset Management, which specializes in trading highly illiquid shares. Rodriguez has been using Hon Securities Brokers almost exclusively when making transactions for Nisqually clients, as well as for his own relatively small account. Hallways executes Rodriguez's personal trades at a more preferential price than for Rodriguez’s clients' accounts. This special pricing occurs regardless of whether or not Rodriguez personally trades before or after clients. Rodriguez should least likely do which of the following in order to comply with the CFA Institute Standards of Professional Conduct?

选项:

A.Trade client accounts before his own account.

B.Eliminate the exclusive trading arrangement.

C.Average trade prices across all trading accounts.

解释:

Rodriguez is in violation of Standard IV(A): Loyalty, which requires that, in matters related to their employment, members and candidates must act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities, divulge confidential information, or otherwise cause harm to their employer. Rodriguez should not accept the special treatment from Hon; instead, he should ask Hon to lower costs for the transactions of his Nisqually clients. Rodriguez should not average transaction costs because his clients should be given the lower preferential prices according to Standard III(A): Loyalty, Prudence, and Care.

问题least like to do in order to comply,是我理解错意思了吗?

2 个答案

迷雾森林 · 2024年06月30日

秒懂,谢谢!

王暄_品职助教 · 2024年06月30日

你理解的意思是正确的。问题中的“least likely to do in order to comply with the CFA Institute Standards of Professional Conduct”是指,为了遵守CFA协会的职业行为标准,Rodriguez最不应该做的是哪一项。


根据CFA协会的职业行为标准,特别是标准IV(A): 忠诚,Rodriguez应该为雇主的利益行事,并且不应该剥夺雇主利用其技能和能力的优势,泄露机密信息,或以其他方式损害雇主。在这个情况下,Rodriguez接受了Hon Securities Brokers给予的特殊待遇,这违反了忠诚的标准。他应该要求Hon降低Nisqually客户交易的成本,而不是接受自己个人交易时更优惠的价格。

因此,为了遵守CFA的职业行为标准,Rodriguez最不应该做的是:

C. 对所有交易账户平均交易价格。

这是因为他的客户应该得到更低的优惠价格,而不是将优惠平均分配。所以C选项是他为了遵守标准最不应该做的。而A和B选项都是他可以采取的积极措施来纠正这种情况并遵守CFA的标准。

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