NO.PZ2016032802000031
问题如下：
Steven, a manager of a hedge fund company, recently purchased a lot of Bubbles' common stock, and at the same time he sold put options on Bubbles' stock too. Because the clients knew the fund's general strategy in advance, so, he did not inform them anything about this trade. Did Steven violate the Code and Standards?
选项：
A.No.
B.Yes, because he manipulated publicly traded securities' prices.
C.Yes, because he didn't inform clients about this trade before trading.
解释：
A is correct.
According to Standard II(B) Market Manipulation, Steven just used an arbitrage opportunity to gain some profit. This transaction is not a violation of the standard. And the clients all knew this kind of strategy in advance, so, Steven may not disclose this to his clients.
看之前的回答“当put exercise price 麻烦老师给解释下“put option不会行权，short put option 可以赚取期权费”这句话。。。虽然听完了后面的课但是又迷糊了。。可以举个例子么，谢谢
