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.
请问题目他买入说的，是指他自己买入还是他代表客户产品买入？ 现在他买的股票和期权是同一个方向，如果是不同方向的，那算是虚增交易量吗？