NO.PZ2021101401000039
问题如下：
Taylor asks Anderson about his views on how the introduction of electronic trading might have impacted Bright Capital. Anderson tells Taylor:
Statement 1: Once implemented, electronic trading systems are more efficient and cost-effective to operate than traditional floor-based trading systems.
Statement 2: The introduction of electronic markets has had a more significant impact on the trading of corporate and municipal bonds than on equities.
Statement 3: Electronic trading systems have attracted numerous new buy-side traders, leading to increased competition and narrower bid–ask spreads.
Which of Anderson’s statements regarding the impact of electronic markets is correct?
选项：
A.Statement 1
Statement 2
Statement 3
解释：
A is correct. Once built, electronic systems are indeed cheaper to operate than floor-based trading systems. They require less physical space than do trading floors, and in contrast to floor-based trading systems, they do not require exchange officials to record and report prices. Furthermore, the widespread use of electronic trading systems significantly decreased trading costs for buy-side traders. Costs fell as exchanges obtained greater cost efficiencies from using electronic matching systems instead of floor-based manual trading systems.
B is incorrect. While electronic trading has had a significant effect on equity markets, it has not had as much of an effect on the markets for corporate and municipal bonds. The market structures of corporate and municipal bond markets have hardly changed since the late 19th century. Despite the efforts of many creative developers of electronic bond trading systems, most public investors in these markets still trade largely over the counter with dealers
C is incorrect. These technologies also decreased costs and increased efficiencies for the dealers and arbitrageurs who provide much of the liquidity offered at exchanges. Competition forced them to pass along much of the benefits of their new technologies to buy-side traders in the form of narrower spreads quoted for larger sizes. New electronic buy-side order management systems also decreased buyside trading costs by allowing a smaller number of buy-side traders to process more orders and to process them more efficiently than manual traders.
C答案没有看懂，能否解释一下
