如题

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.

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.

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 buy-side 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.