trading

问题如下：

Olsen knows it is common for investment committee members to be concerned about Maybridge’s ability to purchase larger quantities of stock in the markets where it operates, because low- latency traders try to profit by identifying the intentions of institutional investors. He adds a section to the presentation explaining how Maybridge’s traders counter the efforts of certain low- latency traders by breaking up purchase orders while randomizing the timing and sizes of the purchases.

Olsen’s description of Maybridge traders’ practice when purchasing large quantities of stock most likely describes an attempt to counter the efforts of electronic:

选项：

A.

dealers.

B.

quote matchers.

C.

proprietary traders.

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 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.

C 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.