如何确定Benchmark Price？

NO.PZ202110280100000106 问题如下 Michelle Wong is a portfolio manager StWealth Management (SWM), investment management company whose clients are high-net-worth invials. Her expertise is in intifying temporarily mispriceequity securities. Wong’s typicy inclus meeting with clients, concting instry ancompany investment analysis, anpreparing tra recommentions. Music Plus Wong follows the music instry an specifically, Music Plus. After highly anticipateta about the music instry is releaseshortly after the market opens for trang, the share priof Music Plus quickly increases to $15.25. Wong evaluates the new ta it relates to Music Plus anconclus ththe share priincrease is overreaction. She expects the prito quickly revert bato her revisefair value estimate of $14.20 within the same y. When the priis $15.22, she cis to prepare a large sell orr equto approximately 20% of the expecteily volume. She is concerneabout information leakage from a public limit orr. Wong’s supervisor suggests using algorithmic trang for the sell orr of the Music Plus shares. West CommerLater the same y, West Commerannounces exciting new initiatives resulting in a substantiincrease in its share prito $27.10. Baseon this price, Wong conclus ththe stois overvalueansets a limit priof $26.20 for a sell orr of 10,000 shares. the time the orr is releaseto the market, the share priis $26.90. The share pricloses the y $26.00. SWM is chargea commission of $0.03 per share anno other fees. Selecteta about the tra execution are presentein Exhibit 1. The value of the market inx appropriate to West Commerw600 when the West Commersell orr wreleaseto the market, anits volume-weighteaverage pri(VWAP) w590 ring the tra horizon. West Commerha beta of 0.9 with the inx. Trang Policies the enof the y, Wong meets with a long-term client of SWM to scuss SWM’s tra policies. The client intifies two of SWM’s tra policies anasks Wong whether these are consistent with gootra governance: Poli1: SWM works only with pre-approvebrokers anexecution venues, anthe list is revieweanupteregularly. Poli2: SWM is alloweto pool fun when appropriate, anexecuteorrs are allocateto the accounts on a pro-rata basis. The market-austecost in basis points for the sell orr of West Commershares is closest to A.cost of 249 bps. B.savings of 50 bps. C.savings of 68 bps. The market-austecost in basis points is calculateasSinthe result is negative, the market-austecost for the sell orr of West Commeris a savings of approximately 50 bps. hello, when we calculate the arrivcost, are we supposeto use the actuvarious tra prix its relevant trashares or just calculate the weightetraprice? I think the first one is more accurate to reflethe actuarrivcost?

NO.PZ202110280100000106 问题如下 The market-austecost in basis points for the sell orr of West Commershares is closest to A.cost of 249 bps. B.savings of 50 bps. C.savings of 68 bps. The market-austecost in basis points is calculateasSinthe result is negative, the market-austecost for the sell orr of West Commeris a savings of approximately 50 bps. 老师，可否讲解下如何理解这里的market austecost 为负说明是saving costs

NO.PZ202110280100000106问题如下 Michelle Wong is a portfolio manager StWealth Management (SWM), investment management company whose clients are high-net-worth invials. Her expertise is in intifying temporarily mispriceequity securities. Wong’s typicy inclus meeting with clients, concting instry ancompany investment analysis, anpreparing tra recommentions. Music Plus Wong follows the music instry an specifically, Music Plus. After highly anticipateta about the music instry is releaseshortly after the market opens for trang, the share priof Music Plus quickly increases to $15.25. Wong evaluates the new ta it relates to Music Plus anconclus ththe share priincrease is overreaction. She expects the prito quickly revert bato her revisefair value estimate of $14.20 within the same y. When the priis $15.22, she cis to prepare a large sell orr equto approximately 20% of the expecteily volume. She is concerneabout information leakage from a public limit orr. Wong’s supervisor suggests using algorithmic trang for the sell orr of the Music Plus shares. West CommerLater the same y, West Commerannounces exciting new initiatives resulting in a substantiincrease in its share prito $27.10. Baseon this price, Wong conclus ththe stois overvalueansets a limit priof $26.20 for a sell orr of 10,000 shares. the time the orr is releaseto the market, the share priis $26.90. The share pricloses the y $26.00. SWM is chargea commission of $0.03 per share anno other fees. Selecteta about the tra execution are presentein Exhibit 1. The value of the market inx appropriate to West Commerw600 when the West Commersell orr wreleaseto the market, anits volume-weighteaverage pri(VWAP) w590 ring the tra horizon. West Commerha beta of 0.9 with the inx. Trang Policies the enof the y, Wong meets with a long-term client of SWM to scuss SWM’s tra policies. The client intifies two of SWM’s tra policies anasks Wong whether these are consistent with gootra governance: Poli1: SWM works only with pre-approvebrokers anexecution venues, anthe list is revieweanupteregularly. Poli2: SWM is alloweto pool fun when appropriate, anexecuteorrs are allocateto the accounts on a pro-rata basis. The market-austecost in basis points for the sell orr of West Commershares is closest to a: A.cost of 249 bps. B.savings of 50 bps. C.savings of 68 bps. The market-austecost in basis points is calculateasSinthe result is negative, the market-austecost for the sell orr of West Commeris a savings of approximately 50 bps. 这里的P0怎么认定？为啥是arrivprice，不是cision price？