问题如下：
Bond dealers most often quote the:
选项：
A. flat price.
B. full price.
C. full price plus accrued interest.
解释：
A is correct.
Bond dealers usually quote the flat price. When a trade takes place, the accrued interest is added to the flat price to obtain the full price paid by the buyer and received by the seller on the settlement date. The reason for using the flat price for quotation is to avoid misleading investors about the market price trend for the bond. If the full price were to be quoted by dealers, investors would see the price rise day after day even if the yield-to-maturity did not change. That is because the amount of accrued interest increases each day. Then after the coupon payment is made the quoted price would drop dramatically. Using the flat price for quotation avoids that misrepresentation. The full price, flat price plus accrued interest, is not usually quoted by bond dealers. Accrued interest is included in not added to the full price and bond dealers do not generally quote the full price.
题目答对了，但是对于flat price和full price有一些疑问，课件上说flat price是quoted by dealers。 full price是指buyer付给seller的价格 那对于dealer，他从别的地方买来bond不是也需要把accrued interest付给对方吗，那dealer的报价应该也应该包含accrued interest ，为什么dealer的报价是flat price呢？ 谢谢老师
