NO.PZ2020020202000001
问题如下:
Which of the following statements regarding the execution algorithms is incorrect?
选项:
A.POV algorithm trades a predetermined number of shares within the specified time interval.
VWAP algorithms slice the order into smaller amounts to send to the market following a time slicing schedule based on historical intraday volume profiles.
TWAP algorithms slice the order into smaller amounts to send to the market following an equal-weighted time schedule.
解释:
A is correct. VWAP and TWAP algorithms follow a time-specified schedule, trading a predetermined number of shares within the specified time interval, rather than the POV algorithm. The other two statements are both correct.
(提问背景:我选的A选项,但是属于歪打正着,所以想理清一下这个知识点)
请问在讲义40页中最后一行写的They may not complete the order within the time period specified,提到了time period specified。鉴于之前辅导员解释过的A选项错误在最后表述的time-specified schedule是不属于POV的性质的,我的问题是: 1)那么上述这句英文表述是否正确?2)我理解是POV是percent of volume,所以肯定是能完成的,因为就是按照比例去买。请问什么时候会出现按照比例去买,却买不到的呢?是因为想买总volume的某一比例的股票时,价格出的低于市场成交价吗?谢谢!