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潜在持证人 · 2023年05月16日

statement2为什么不对?

NO.PZ2021101401000039

问题如下:

Johnson asks Martin about his views on how the introduction of electronic trading might have impacted SAMN. Martin tells Johnson:

Statement 1: Once built, electronic trading systems are more efficient and cheaper to operate than floor-based trading systems.

Statement 2: Electronic trading systems have attracted a lot of new buy-side traders, and the increased competition has resulted in narrower bid–ask spreads.

Statement 3: The introduction of electronic markets has had a much greater impact on the trading of corporate and municipal bonds than on the trading of equities.

Which of Martin’s statements relating to the introduction of electronic markets is correct?

选项:

A.

Statement 1

B.

Statement 2

C.

Statement 3

解释:

A is correct. Once built, electronic systems are indeed cheaper to operate than floor-based trading systems. They require less physical space than do trading floors, and in contrast to floor-based trading systems, they do not require exchange officials to record and report prices. Furthermore, the widespread use of electronic trading systems significantly decreased trading costs for buy-side traders. Costs fell as exchanges obtained greater cost efficiencies from using electronic matching systems instead of floor-based manual trading systems.These technologies also decreased costs and increased efficiencies for the dealers and arbitrageurs who provide much of the liquidity offered at exchanges. Competition forced them to pass along much of the benefits of their new technologies to buy-side traders in the form of narrower spreads quoted for larger
sizes. New electronic buy-side order management systems also decreased buyside trading costs by allowing a smaller number of buy-side traders to process more orders and to process them more efficiently than manual traders. While electronic trading has had a significant effect on equity markets, it has not had as much of an effect on the markets for corporate and municipal bonds. The market structures of corporate and municipal bond markets have hardly changed since the late 19th century. Despite the efforts of many creative developers of electronic bond trading systems, most public investors in these markets still trade largely over the counter with dealers

Statment 2哪里错了?可以解释一下吗?中文

1 个答案
已采纳答案

星星_品职助教 · 2023年05月16日

同学你好,

statement 2错在电子交易系统( Electronic trading systems)和交易员(buy-side traders)的功能是重合的,交易电子化的结果是取代了交易员。所以应该是减少了交易员的数量,而不是增加了交易员的数量(attracted a lot of new buy-side traders)。

后半句 因为竞争而导致更窄的bid-ask spread是对的。

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