问题如下：
Which of the following statements about Liquidity
Trading Risk is NOT correct?
选项：
A. In stressed conditions, liquidating
even a relatively small position can then be time-consuming and is sometimes
impossible.
The bid price tends to increase,
and the offer price tends to decrease with the size of a trade.
“Liquidity black hole” describes
the following phenomenon: when one financial institution finds that it needs to
unwind a position, many other financial institutions with similar positions
need to do the same thing. The liquidity in the market then evaporates.
Predatory
trading describes the following phenomenon: when a market participant has a
large position, others guess that it will have to be unwound in the near
future. Then others will trade in advance.
解释：
考点：对Liquidity Trading Risk的理解
答案：B选项描述错误，所以本题选B
解析：
当Trade size增加时，会占用market
maker更多的资金量，同时增加了Market maker对冲风险的难度，因此当Trade size增加时，Market maker会要求一个更高的Bid-ask spread，具体而言就是，当我们卖出标的资产给Market maker时，Market maker会报一个更低的收购价（Bid price）买入，当我们从Market maker处买入标的资产时，Market maker会报一个更高的卖出价（Offer price）卖出。
The bid price tends to decrease, and the
offer price tends to increase with the size of a trade.
Bid price是相当于market maker的买价，Ask price相当于market maker的卖价吗
