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陈Shelly · 2020年10月29日

问一道题:NO.PZ2020020202000015

问题如下:

While the buy-side trader executes the BYYP trade, Harding and Yellow review ValleyRise’s trade policy document. After reviewing the document, Yellow recommends several changes: 1) add a policy for the treatment of trade errors; 2) add a policy that ensures over-the-counter derivatives are traded on venues with rules that ensure minimum price transparency; and 3) alter the list of eligible brokers to include only those that provide execution at the lowest possible trading cost.

As it relates to the trade policy document, ValleyRise should implement Yellow’s recommendation related to:

选项:

A.

the list of eligible brokers.

B.

a policy for the treatment of trade errors.

C.

a policy for over-the-counter derivatives trades.

解释:

B is correct.

Firms should have a policy in place for the treatment of trade errors. Errors from trading and any resulting gains/losses need to be disclosed to a firm’s compliance department and documented in a trade error log. The trade error log should include any related documentation and evidence that trade errors are resolved in a way that avoids adverse impact to the client.

2) add a policy that ensures over-the-counter derivatives are traded on venues with rules that ensure minimum price transparency

是不是错在不应该要求最小的价格透明性?

1 个答案

吴昊_品职助教 · 2020年10月29日

同学你好:

是的。

对于交易场所,只要满足交易的执行是可靠有效的即可。没有规定说场外衍生产品必须确保最小的价格透明。Trade policy是交易政策,规定的是最低要求。不是提建议达到最高要求。各类交易场所只要满足交易的执行是可靠有效的即可,我们既需要交易透明公开市场,也需要不透明的dark pool。所以C不正确。

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