NO.PZ202304060100015101
问题如下：
Galina Fund is an investment fund focusing on small-cap Eastern European equities. Lev Svoboda is the senior portfolio manager for the Galina Fund, which employs its own traders. Svoboda gives head trader Mislav Varga an order for an initial purchase of 2,000 shares of Szabo Technologies (ST), a thinly traded stock, at a limit price of EUR80.10.
Varga and Svoboda view the electronic order book for ST at 9:47:00, just after the day’s first 5,000 shares of ST have traded at a price of EUR79.70. Varga buys 1,000 shares at a VWAP of EUR79.86. Two trades immediately follow: one for 500 shares and another of 400 shares, both at EUR79.95. The next trade occurs at 9:47:15, with Varga buying the second lot of 1,000 shares at an average price of EUR79.99. The limit order book for ST at the time of the first purchase is shown in Exhibit 1, with the four dealers in the stock coded A through D.
Compared with Varga’s first trade, the second trade had an effective spread cost that was:
选项：
A.greater but was executed within the quoted spread.
less but was executed outside the quoted spread.
greater and was executed outside the quoted spread.
解释：
The effective spread cost estimate for buy orders is calculated as Trade size × {Trade price − (Bid + Ask/2)} or as follows:
For the first trade: 1,000 × (79.80- 77.65)/2) = 1,075.
For the second trade, there are still 200 shares offered by Dealer B at 79.95. Therefore, the effective spread cost is 1,000 × (79.95- 77.65)/2) = 1150.
The effective spread cost was larger for the second trade, and the execution price of 79.99 was executed outside the quoted spread.
请问这道题是假设没有一单卖单成交吗？因为我看Bid price一直都是77.65