请问该题目如何判断VWAP和TWAP

问题如下：

After further discussion about Yellow’s statements, Harding provides Yellow a list of trades that he wants to execute. He asks Yellow to recommend a price benchmark. Harding wants to use a benchmark where the reference price for the benchmark is computed based on market prices that occur during the trading period, excluding trade outliers.

Given the parameters for the benchmark given by Harding, Yellow should recommend a benchmark that is based on the:

选项：

A.

arrival price.

B.

time-weighted average price.

C.

volume-weighted average price.

解释：

B is correct.

Harding asked Yellow to execute a list of trades, and he wants to use a price benchmark where the reference price for the benchmark is computed based on market prices that occur during the trading period, excluding trade outliers. Portfolio managers often specify an intraday benchmark for funds that are trading passively over the day, seeking liquidity, and for funds that may be rebalancing, executing a buy/sell trade list, and minimizing risk. An intraday price benchmark is based on a price that occurs during the trading period. The most common intraday benchmarks used in trading are volume-weighted average price (VWAP) and time-weighted average price (TWAP). Portfolio managers choose TWAP when they wish to exclude potential trade outliers.