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

Pavel Korchagin · 2024年08月13日

为什么是quote matchers?

NO.PZ2024070101000002

问题如下:

Davis knows investment committee members often worry about TitanCorp’s ability to purchase large quantities of stock. Low-latency traders try to profit by identifying the intentions of institutional investors. Davis adds a section to the presentation explaining how TitanCorp’s traders counter low-latency traders. They break up purchase orders and randomize the timing and sizes of these purchases.

Davis's explanation of TitanCorp traders' practices is most likely describing an attempt to counter the efforts of:

选项:

A.

proprietary traders.

B.

quote matchers.

C.

dealers.

解释:

B is correct. Quote matchers are parasitic traders who base their predictions about future prices on information they obtain about orders that other traders intend to fill. Buy-side traders and their brokers are aware of the efforts quote matchers make to detect and front-run their orders. Accordingly, they submit orders at random times and in various sizes in order to make detection more difficult.

A is incorrect. Electronic proprietary traders can include high-frequency traders who complete round trips of a purchase followed by a sale within a short period of time and news traders who trade quickly in response to new information. They would generally not have the same interests as parasitic traders.

C is incorrect. Electronic dealers make markets by placing bids and offers with the expectation that they can profit from round trips at favorable net spreads. On the first indication that prices may move against their inventory positions, they immediately take steps to reduce their exposure​​.

看描述更像front runner

1 个答案

王琛_品职助教 · 2024年08月15日

嗨,从没放弃的小努力你好:


1

是的

其实从案例背景的表述来看,确实更符合题意的是 front runners

2

但是因为是选择题,且选项中并未直接提供该选项

所以我们只能退而求其次,选择最接近的一项 quote matchers

3

这道题可以带给我们两方面的价值

第一方面,从知识点理解角度,通过案例背景,加深对 front runners 的应用理解

关键词是 "They break up purchase orders and randomize the timing and sizes of these purchases."

请参考基础班讲义墨迹版 P54

4

第二方面,从做题经验角度,有时候出题人设计的选项,可能并不是案例背景所对应的最佳选项,此时只能选择相对更接近的一个选项

这道题的原型是一道 MOCK 题

关于该考点,更严谨的一道题是课后题第 12 题


同学可以关注一下其案例背景的表述,将两道题放到一起,作为对 front runners 的总结

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

  • 1

    回答
  • 0

    关注
  • 125

    浏览
相关问题

NO.PZ2024070101000002问题如下 vis knows investment committee members often worry about TitanCorp’s ability to purchase large quantities of stock. Low-latentrars try to profit intifying the intentions of institutioninvestors. vis as a section to the presentation explaining how TitanCorp’s trars counter low-latentrars. They breup purchase orrs anranmize the timing ansizes of these purchases.vis's explanation of TitanCorp trars' practices is most likely scribing attempt to counter the efforts of: A.proprietary trars.B.quote matchers.C.alers. B is correct. Quote matchers are parasitic trars who base their prections about future prices on information they obtain about orrs thother trars intento fill. Buy-si trars antheir brokers are aware of the efforts quote matchers make to teanfront-run their orrs. Accorngly, they submit orrs ranm times anin various sizes in orr to make tection more fficult.A is incorrect. Electronic proprietary trars cinclu high-frequentrars who complete rountrips of a purchase followea sale within a short perioof time annews trars who tra quickly in response to new information. They woulgenerally not have the same interests parasitic trars.C is incorrect. Electronic alers make markets placing bi anoffers with the expectation ththey cprofit from rountrips favorable net sprea. On the first incation thprices mmove against their inventory positions, they immeately take steps to retheir exposure​​. 为啥不选a a不是包括了front runner吗

2024-10-19 16:24 1 · 回答

NO.PZ2024070101000002 问题如下 vis knows investment committee members often worry about TitanCorp’s ability to purchase large quantities of stock. Low-latentrars try to profit intifying the intentions of institutioninvestors. vis as a section to the presentation explaining how TitanCorp’s trars counter low-latentrars. They breup purchase orrs anranmize the timing ansizes of these purchases.vis's explanation of TitanCorp trars' practices is most likely scribing attempt to counter the efforts of: A.proprietary trars. B.quote matchers. C.alers. B is correct. Quote matchers are parasitic trars who base their prections about future prices on information they obtain about orrs thother trars intento fill. Buy-si trars antheir brokers are aware of the efforts quote matchers make to teanfront-run their orrs. Accorngly, they submit orrs ranm times anin various sizes in orr to make tection more fficult.A is incorrect. Electronic proprietary trars cinclu high-frequentrars who complete rountrips of a purchase followea sale within a short perioof time annews trars who tra quickly in response to new information. They woulgenerally not have the same interests parasitic trars.C is incorrect. Electronic alers make markets placing bi anoffers with the expectation ththey cprofit from rountrips favorable net sprea. On the first incation thprices mmove against their inventory positions, they immeately take steps to retheir exposure​​. 我觉得就是题目有问题,两种形式根本不相同

2024-09-16 23:12 1 · 回答