NO.PZ201604030300004603
问题如下：
3. With regard to Chen’s trades in Xydeo, do the institutional and retail trades both comply with CFA Institute Standards?
选项：
A.
Only the retail trades comply.
B.
Only the institutional trades comply.
C.
Neither the retail nor the institutional trades comply.
解释：
B is correct.
Only the institutional trades comply with CFA Institute Standards. All the trades were processed on a net basis. Because the firm disclosed that institutional orders may be executed on a net basis, the institutional trades did not result in a violation. The firm disclosed to clients that in riskless principal trades, retail clients will receive the same execution price without mark-up. Executing the retail orders on a net basis with a $.01 mark-up resulted in a violation of Standards I(C) and III(B) relating to misrepresentation and fair dealing.
系统选择的最佳价格，价格也显示给客户确认，为啥都违反了？
