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shuangzili · 2022年03月12日

这个不对吧,应该按照卖方报价成交吧?

NO.PZ2018062002000035

问题如下:

The following limit order standing in the stock’s order book:

Suppose Carl submitted a day order with a limit price of $ 20.87 and sold 1,000 shares, and no more investor submits a buy order after he submitted the order. What is the average price for Carl’s transaction?

选项:

A.

$21.70.

B.

$21.28.

C.

$21.05.

解释:

Carl’s average trade price is:

21.28=300×21.89+400×21.02+200×20.88300+400+20021.28=\frac{300\times21.89+400\times21.02+200\times20.88}{300+400+200}

Carl's order will be filled with the most aggressively priced buy order firstly, which is Fiona’s order for 300 shares at $21.89. Carl still remaining 700 shares did not sell. Philip’s order for 400 shares at $21.02 is the second aggressively priced buy order, after the order was filled Carl still have 300 shares to sell. Debbie’s order for 200 shares at $20.88 is the third aggressively priced buy order, he still has 100 shares to sell after the third order takes place. Liam’s order for 1,000 shares at $20.70 is the next buy order, but the price of this order is lower than Carl's required limit price, therefore, no more transactions can be carried out.

考点:Instructions Of Transaction Processes

这道题表格中给了市场上买方和卖方愿意出的价格和需求量,问如果C同学想要以不低于20.87的价格卖出1000股,那么它的平均成交价格是多少。这道题是从卖股票的角度考虑,那么你就要看看当前市场上有多少人想买,只有买价大于20.87的部分才能成交,从表格可以看出只有Debbie\Philips\Fiona出的买价高于20.87,因此C同学只能卖出900股。那么总共卖出的交易价格就等于:

\(21.28=\frac{300\times21.89+400\times21.02+200\times20.88}{300+400+200}\)

老师上课举例说如果买方定了150块钱买,现在市场价10块,那成交价还是10块,不是150,这是为了防止市场波动,我还清楚记得这个例子和例子的数据。请问怎么理解老师讲的例子和这道题?不是矛盾吗?谢谢

1 个答案

王园圆_品职助教 · 2022年03月13日

嗨,爱思考的PZer你好:


同学你好,我们可以从最优成交价格的角度出发。证监会有规定:所有券商都必须按照最优成交价格给投资者匹配价格

以本题为例,投资者要以不低于20.87的价格卖出1000股股票,而市场上现在的最优买价是21.89>20.87,所以为了投资者的利益,券商会首先匹配这个21.89的价格让投资者先成交300股,之后市场上次优的价格是21.01>20.87,所以券商依旧按照最优成交价格原则为投资者匹配成交400股,最后市场上的剩下的最优价格是20.88>20.87,所以又能成交200股,但是之后的市场最优价格是20.7<20.87,所以最后投资者剩下的1000-300-400-200=100股就无法成交了

最后我们也可以再看你的例子,依据最优成交价格原则,虽然有人想以150元买股票,但市场上卖价只要10元,那券商依然会匹配10元的价格给到这个买单,从而帮投资者最好的节约成本。当然同时,这样的成交机制也帮助更好的为该股票定价,以免出现价格波动剧烈的情况了。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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