如题

问题如下：

Soehnges also states: “We seek to have a simple process to evaluate trade costs even though I realize some costs are not captured. For example, we do not measure delay and opportunity costs nor are we able to include all explicit and implicit costs.”

Soehnges’s process for evaluating trade costs least likely addresses:

选项：

A.

effective spreads.

B.

implementation shortfall

C.

VWAP transactions costs.

解释：

B is correct. The implementation shortfall method includes consideration of all explicit and implicit costs, as well as impact costs, delay costs, and opportunity costs.

A is incorrect. Effective spreads compare trade execution prices with the midquote price at the time the order is entered. Unlike the implementation shortfall method, effective spreads do not consider all explicit and implicit costs, such as impact costs, delay costs, and opportunity costs.

C is incorrect. VWAP transaction cost estimates compare trade prices to the prices obtained by other traders trading at the same time. Unlike the implementation shortfall method, the VWAP transaction cost estimate does not consider all explicit and implicit costs, such as impact costs, delay costs, and opportunity costs.