NO.PZ2021101401000029
问题如下：
Smith tells Johnson that he noticed trades of 600 shares of XYZ stock were executed every 15 minutes for an hour. Smith observed the same pattern of trading in the stock during the previous trading day. He instructs Johnson to submit an order to purchase XYZ shares on the assumption that a trader is seeking liquidity and is executing a large buy order by breaking it into pieces.
Smith’s strategy to purchase XYZ shares is best classified as electronic:
选项：
A.
arbitrage
B.
front running.
C.
quote matching.
解释：
B is correct. Smith noticed a pattern of trading in XYZ and decided to front run shares on the assumption that a trader is in the market filling a large buy order by breaking it into pieces. Electronic front runners trade in front of traders who demand liquidity. They identify when large traders or many small traders are trying to fill orders on the same side of the market. The order anticipation strategies of electronic front runners try to identify predictable patterns in order submission. They may search for patterns in order submissions, trades, or the relations between trades and other events.
A is incorrect because electronic arbitrageurs look across markets for arbitrage opportunities in which they can buy an undervalued instrument and sell a similar overvalued one. His decision to purchase XYZ shares is based on the pattern of trading that Smith observed.
C is incorrect because quote matchers trade in front of traders who supply (not demand) liquidity. Smith decides to purchase XYZ shares on the assumption that a trader is in the market seeking (not supplying) liquidity, which is consistent with front running (not quote matching). Quote matchers trade in front of traders who supply liquidity and try to exploit the option values of standing orders. Quote matchers buy when they believe they can rely on standing buy orders to get out of their positions, and they sell when they can do the same with standing sell orders.
如果选quote matcher的情景，类似题干应该怎样描述？
