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dejiazheng · 2025年02月28日

为什么不选B?

NO.PZ2024092001000032

问题如下:

A dealer regularly handles equity security trades and fixed income transactions for a retail client. The client requests a currency transaction for 250,000 Canadian dollars (CAD) and Czech korunas (CZK), an uncommon pairing and a relatively small transaction size. The dealer prepares a bid/ask quote for the client. Which of the following factors would most likely lead to a tighter spread between the bid and ask for the transaction?

选项:

A.The currencies involved

B.The size of the transaction

C.

The dealer/client relationship

解释:

A Incorrect because the currencies involved are an uncommon pairing and the spreads are usually wider. For less common currency pairings there is less liquidity, and market participation will be thinner leading to wider spreads, not tighter. Some of the more obscure currency cross rates (e.g., MXN/CHF), market participation is much thinner and consequently the bid–offer spread in the interbank market will be wider.

B Incorrect because the size of the transaction is relatively small, less than 1 million units of the base currency which normally leads to wider spreads, not tighter ones. Retail quotes are typically for dealing sizes smaller than 1 million units of the base currency and can range all the way down to foreign exchange transactions conducted by individuals. The bid–offer spreads for these retail transactions can be very large compared with those in the interbank market.

C Correct because if the client has other business with the dealer the dealer might offer tighter spreads to retain the other business and the dealer might also give tighter bid–offer quotes in order to win repeat FX business.


1.题目明显告知sizes are relatively small.越小spread理应越小。

2.题目没看见有明确告知客户与做市商的关系好

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