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.
他是做对冲 当然应该是买入put option 或者sell call option 才是对冲 才和他的交易策略一致 这里是sell put option与交易策略不一致所以要告知啊 怎么是不违反呢？
