Jollie distorts the market price, 这违反了公司的相关规定?
问题如下图:
选项:
A.
B.
C.
解释:
发亮_品职助教 · 2019年06月11日
Jollie的两次交易没有违反任何规定。
因为本身Jollie交易的这支Bond,就是流动性较差、交易不活跃的Bond:
before executing her transaction that the bond is thinly traded;
所以,如果要调仓换股,交易该债券,一定会影响市场价格的,市场价格会发生较大的变动。
这种正常的交易,不算做操纵市场;只有目的是Mislead markets,目的是故意诱导市场自己从中获利的行为,属于违反准则,是Market manipulation。
但是从文中题干信息看到,Jollie的这次交易属于正常的调整换股,没有Manipulate市场的说法,因此不违反准则。
同时公司的章程说的也很明白,如果目的是Mislead market的交易,就需要避免这种Distort债券价格的交易行为:
must refrain from making transactions that distort security prices or volume with the intent to mislead market participants
NO.PZ201604030300004302 问题如下 2. Are Jollie’s 8 April tra of the seconbonanMahsuFinancial’s polion market manipulation, respectively, consistent with CFA Institute Stanr on market manipulation? A.Both Jollie’s 8 April tra of the seconbonanMahsuFinancial’s polion market manipulation are consistent with CFA Institute Stanr. B.Jollie’s 8 April tra of the seconbonis inconsistent anMahsuFinancial’s polion market manipulation is consistent with CFA Institute Stanr. C.Jollie’s 8 April tra of the seconbonis consistent anMahsuFinancial’s polion market manipulation is inconsistent with CFA Institute Stanr. A is correct.Jollie’s transaction is a legitimate market orr in a thinly-trasecurity, anMahsuFinancial’s polistatement is consistent with CFA Institute Stanr relating to the Integrity of CapitMarkets. 市场操纵,如果只是看主观意愿进行判定,那是不是所有人都可以说自己是无意的,扭曲市场价格都是为了做市?而且我觉得,主人公明明可以有办法,例如分批下单、隐藏下单等等方式,从而减小甚至消除对市场价格信号的扭曲,但主人公没有这么做,证监会查起来,不会因为这支股票交易量小、主人公无意中一下子下了大体量的单,而不对主人公进行处罚
Jollie’s 8 April tra of the seconbonis inconsistent anMahsuFinancial’s polion market manipulation is consistent with CFA Institute Stanr. Jollie’s 8 April tra of the seconbonis consistent anMahsuFinancial’s polion market manipulation is inconsistent with CFA Institute Stanr. A is correct. Jollie’s transaction is a legitimate market orr in a thinly-trasecurity, anMahsuFinancial’s polistatement is consistent with CFA Institute Stanr relating to the Integrity of CapitMarkets.公司章程都说了不要交易影响到市场价格,但是seconbon易影响到市场价格了呀,那就是违反呀