NO.PZ201604030300004606
问题如下：
6. When shorting Tefla stock, does Garcia violate any CFA Institute Standards?
选项：
A.No.
B.Yes, because he does not have a reasonable basis for the trade.
C.Yes, because he is in possession of material nonpublic information.
解释：
C is correct.
Garcia is in possession of material nonpublic information and acted on it in violation of Standard II(A). After the analyst’s recommendation has been issued and/or distributed publicly, Garcia would be free to make the trade. Because this is a personal purchase, the standard relating to diligence and reasonable basis is not applicable.
No.PZ2016040303000046
来源: 原版书
Omega Financial, a large financial services firm, makes a market in more than 500 stocks. As a market-maker, the firm executes institutional orders as well as retail orders placed by its private wealth unit, its broker-dealer affiliate, and other third-party broker-dealers.
Stephen Smith, CFA, works across from Chen on the trading desk at Omega. His seat is close to a speaker for the company’s squawk box, which is used to broadcast information about current analyst recommendations; news about market events; and information about pending block trades.
Smith’s young brother-in-law, Adolfo Garcia, recently accepted a position as a broker at a third-party broker-dealer that trades with Omega. Garcia has a modest income and little savings. He is enthusiastic about investments and has enrolled as a CFA candidate. Smith calls Garcia early each morning to talk about the previous day’s events. At the end of their conversation, Smith places the call on speakerphone and resumes his work.
In his office, Garcia can hear Omega’s squawk box over the speakerphone. Garcia enjoys listening as Omega analysts discuss changes in ratings, economic forecasts, and capital market developments. He is careful not to trade in stocks mentioned explicitly on the squawk box. Rather, he sometimes researches competitors and other firms operating in the same industry. In one case, he immediately shorts the stock of Tefla Corporation after an Omega analyst downgrades a firm in the same industry.
Garcia frequently places large block orders for low-priced small-capitalization stocks at the market price. Once the new system is operational, Smith processes the orders through the new trading-system mechanism, which delays execution of portions of the orders and allows the firm to obtain a better price for Garcia.
When shorting Tefla stock, does Garcia violate any CFA Institute Standards?
您的回答B, 正确答案是: C
A No.
B Yes, because he does not have a reasonable basis for the trade.
C Yes, because he is in possession of material nonpublic information.
解析
C is correct.
Garcia is in possession of material nonpublic information and acted on it in violation of Standard II(A). After the analyst’s recommendation has been issued and/or distributed publicly, Garcia would be free to make the trade. Because this is a personal purchase, the standard relating to diligence and reasonable basis is not applicable.
1。第一个问题在于，His seat is close to a speaker for the company’s squawk box, which is used to broadcast information about current analyst recommendations; news about market events; and information about pending block trades.为什么这句话能体现出这里后文的MNI呢？ 是因为文中说这个是用于播客的，也就是说这个还没有公开播客播出去？
2. 我可不可以理解为，所有个人的交易，不是对客户的， 即使没有自己审慎的分析做到有理有据有节，也是可以的？
谢谢老师