CFA III, Trading 官网习题

老师好，官网习题有道题看不懂，做错了不知道错在哪：

Morrison is discussing trading trends and makes the following observation: “In recent years, average trade sizes appear to be increasing, and in emerging markets, a similar volume of equity trading is now taking place on dark pools as on ‘lit’ exchanges.”

Shui comments, “For exchange-traded derivatives, market transparency is similar to that of exchange-traded equities, with trade price, size, quote, and depth of book all publicly available. I believe we should explore algorithmic trading in futures markets, where it is more evolved than it is for options markets.”

Mulaney adds, “We can also explore the use of over-the-counter (OTC) derivatives. Liquidity has increased for OTC instruments, even for those not suited to central clearing, and average trade size is still relatively small, which could align well with the needs of the fund.”

Whose comments at the weekend strategy meeting are most likely accurate?

A.Shui B.Mulaney C.Morrison

A is correct. Shui is correct in her comments; for exchange-traded derivatives, market transparency is similar to that of exchange-traded equities, with trade price, size, quote, and depth of book all publicly available. In addition, algorithmic trading is more evolved in futures markets than in options markets.

B is incorrect. Mulaney indicates that liquidity has increased for OTC instruments not suited for central clearing, whereas it has actually decreased. In addition, trade sizes for OTC derivatives are relatively large.

C is incorrect. Morrison indicates that average trade sizes have increased, whereas they have generally decreased as participants break down their trades into smaller pieces that they either trade sequentially or simultaneously across different venues. In addition, Morrison indicates that a similar volume of equity trading in emerging markets is taking place in dark pools as on traditional exchanges, whereas the volume in dark pools is actually minimal in comparison.