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西红柿面 · 2025年05月25日

rotation system for executing trades具体是如何执行的?

NO.PZ2024022002000216

问题如下:

Li Ming, a self-employed financial consultant and holder of the CFA designation, invests in the same financial instruments as his clientele to ensure shared investment outcomes. To guarantee equitable management across all client portfolios, including his own, Li Ming has adopted a rotation system for executing trades, with the aim of providing every portfolio an equal opportunity to execute its trades. Is Li Ming's approach in line with the ethical and professional guidelines set forth by the CFA Institute?

选项:

A.It adheres to the ethical standards. B.The strategy needs to be adjusted to give client orders precedence. C.Full transparency and written consent from clients are required.

解释:

Option B is correct, as it reflects the stipulation under Standard VI(B) of the CFA Institute's ethical guidelines, which mandates that client orders must be prioritized over those of the financial consultant or their firm. Li Ming's method of trade allocation, despite being designed for fairness, may unintentionally give his trades preferential treatment over his clients', violating these principles. While having aligned investment interests between consultants and clients doesn't inherently constitute a conflict of interest, the investments of the consultant or their firm should never negatively impact those of the client. Thus, even though disclosing trade allocation policies to clients is crucial, merely doing so does not rectify the failure to meet these ethical standards without revising the approach to prioritize client investments.

 rotation system for executing trades具体是如何执行的?

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