原版书R3的Q3和Q5没看懂

第三题对应的题干在这里：

Locke：“The Fund’s portfolio received 50,000 shares of an initial public offering (IPO) on 1 April. On 15 May, 30,000 shares were removed at the current market price.”

Black：“There was a problem with NGM’s IPO allocation algorithm. Initially, you were overallocated and when we discovered the error, your account was adjusted.”

Locke：“Short-term interest should have been credited to the Fund for use of its cash to cover the trade. In any case, this was an IPO of a large international high-tech company. It was not an appropriate investment for the portfolio.”

最开始基金公司给Locke的账户里配了50,000份IPO，但是后来又Removed掉了30,000份IPO，按照基金公司的说法：刚开始多配了份额是因为算法错误。然后就卖掉了。首先基金公司及时卖掉是OK的。

然后Locke就要求基金公司给一个补偿。因为本身只用买20,000份IPO，但是基金公司给多买了30,000份，虽然后面把这多买的30,000又卖掉了，但是在这个期间等于占用了Locke账户的资金，本身这30,000份对应的资金做短期投资也是有收益的，现在占用了这么长时间失去了这个短期收益，所以基金公司需要补偿一个30,000份IPO占用资金的利息给Locke的账户。

第五题对应的信息在这里：

“I will mail you a copy of our new procedures stating that trade allocations must be reviewed at the end of each month against clients’ IPS. It also says that interest will be credited to accounts that have been incorrectly allocated shares and debited from those accounts that should have received shares.”

错误的地方在这里：trade allocations must be reviewed at the end of each month against clients’ IPS

应该在发生Trade allocation之前，Review客户的IPS，看看Trade allocation是否合适客户，而不是在每个月月末看。

另外，前面不是说给Locke的账户多买了IPO份额，Locke的账户失去了这部分资金对应的短期收益。

然后基金公司就说：interest will be credited to accounts that have been incorrectly allocated shares and debited from those accounts that should have received shares.

意思就是说：给Locke账户补偿的利息，应该由那些后来又被分配到IPO的账户来出。

因为Locke账户被多分配了30,000份，但是这30,000份应该是其他客户的，然后基金公司就卖出重新分配给了其他账户。基金公司就说，后期重新分配到该份额的账户，来出利息给Locke账户。

这显然是不对的，利息应该由基金公司出，因为整个操作都是基金公司的失误。