NO.PZ2020033001000027
问题如下：
What type of liquidity risk is most troublesome for complex trading positions?
选项：
A. The underlying asset is not very liquid.
B. The size of the position is small with respect to the market.
C. Only a few small investors follow the same hedging strategy
D. The market for the underlying of the derivative is subject to asymmetric information, which magnifies the sensitivity of prices to clusters of similar trade
解释：
D is correct.
考点：Practical Issues-流动性风险
解析：衍生产品的标的市场信息不对称，从而扩大了集群的对价格的敏感性，此时小交易会产生大波动。
a和d都是内生性流动性风险的情景，为啥a不对？
