NO.PZ201604030300004603
问题如下：
3. With regard to Chen’s trades in Xydeo, do the institutional and retail trades both comply with CFA Institute Standards?
选项：
A.Only the retail trades comply.
B.Only the institutional trades comply.
C.Neither the retail nor the institutional trades comply.
解释：
B is correct.
Only the institutional trades comply with CFA Institute Standards. All the trades were processed on a net basis. Because the firm disclosed that institutional orders may be executed on a net basis, the institutional trades did not result in a violation. The firm disclosed to clients that in riskless principal trades, retail clients will receive the same execution price without mark-up. Executing the retail orders on a net basis with a $.01 mark-up resulted in a violation of Standards I(C) and III(B) relating to misrepresentation and fair dealing.
题中这句话 “When processing the customer buy orders totaling 500,000 shares, the new system automatically uses the best-publicized price of $25.01 and the firm issues client confirmations showing a purchase price of $25.01.” 他正在下单时冒出来最好的价格25.01，我看前后文也没有提到他给机构客户交易是25，只是说可以给机构和散户都是25这个价。是“new system automatically uses the best-publicized price of $25.01” 。
关于chen的整段话，怎么判断的有mark up且给机构和散户不一样的呢？