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jaydengu · 2019年06月10日

Ethic-一句话的理解

请问 2019 MOCK B 下午卷case 的第四题:

提干:All of Robinson’s accounts have given him full discretion in managing their funds. Given his decision to purchase Paladin, he determines the total number of shares that need to be purchased for all of his accounts and submits the block buy order to Marietta’s trading department. It takes several hours to fully execute the trades, and the shares are allocated according to Marietta’s Trade Allocation Policy. The policy states, “Client accounts participating in a block trade shall receive the same execution price and be charged the same commission, if any. All trade allocations shall be made on a pro rata basis prior to or immediately following a partial or complete block trade.”

首先答案说这个做法是不违反的,原因是There is no violation. Standard III(B)–Fair Dealing states that members must deal fairly and objectively with all clients regardless of whether they are discretionary or non-discretionary accounts. Marietta’s trade allocation policy treats all clients fairly in terms of both trade execution order and price.


请问提干的画横线如何理解,尤其是后半句prior to or immediately following a partial or complete block trade,这个是什么意思那?能用中文讲一下吗?thanks!

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包包_品职助教 · 2019年06月11日

同学你好:

这句话的意思是参与大宗交易的客户账户应该有相同的执行价格,并收取相同的佣金(如有)。所有交易分配应在部分或全部大宗交易之前完成,或者在部分或全部大宗交易之后立刻完成。

这个是符合我们srandards 要求的

jaydengu · 2019年06月11日

请问什么叫分配在大宗交易之前完成或之后立即?能通过股票的例子解释一下吗,谢谢老师

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