问题如下图：
选项：
A. 
B. 
C. 
解释：
NO.PZ2016032802000031问题如下Steven, a manager of a hee funcompany, recently purchasea lot of Bubbles' common stock, anthe same time he solput options on Bubbles' stotoo. Because the clients knew the funs generstrategy in aance, so, he not inform them anything about this tra. Steven violate the Co anStanr?A.No.B.Yes, because he manipulatepublicly trasecurities' prices.C.Yes, because he 't inform clients about this tra before trang.A is correct.Accorng to StanrII(Market Manipulation, Steven just usearbitrage opportunity to gain some profit. This transaction is not a violation of the stanr Anthe clients all knew this kinof strategy in aance, so, Steven mnot sclose this to his clients.我明白不违反IIB 但我想问问这是否违反其他准则？
NO.PZ2016032802000031问题如下Steven, a manager of a hee funcompany, recently purchasea lot of Bubbles' common stock, anthe same time he solput options on Bubbles' stotoo. Because the clients knew the funs generstrategy in aance, so, he not inform them anything about this tra. Steven violate the Co anStanr?A.No.B.Yes, because he manipulatepublicly trasecurities' prices.C.Yes, because he 't inform clients about this tra before trang.A is correct.Accorng to StanrII(Market Manipulation, Steven just usearbitrage opportunity to gain some profit. This transaction is not a violation of the stanr Anthe clients all knew this kinof strategy in aance, so, Steven mnot sclose this to his clients.他是做对冲 当然应该是买入put option 或者sell call option 才是对冲 才和他的交易策略一致 这里是sell put option与交易策略不一致所以要告知啊 怎么是不违反呢？
NO.PZ2016032802000031 问题如下 Steven, a manager of a hee funcompany, recently purchasea lot of Bubbles' common stock, anthe same time he solput options on Bubbles' stotoo. Because the clients knew the funs generstrategy in aance, so, he not inform them anything about this tra. Steven violate the Co anStanr? A.No. B.Yes, because he manipulatepublicly trasecurities' prices. C.Yes, because he 't inform clients about this tra before trang. A is correct.Accorng to StanrII(Market Manipulation, Steven just usearbitrage opportunity to gain some profit. This transaction is not a violation of the stanr Anthe clients all knew this kinof strategy in aance, so, Steven mnot sclose this to his clients. 看之前的回答“当put exercise pricurrent stoprice时，put option不会行权，short put option 可以赚取期权费。当基金经理预测市场股价不会大跌时，预测put option不会行权，通过short put option可以增强投资收益。 ”麻烦老师给下“put option不会行权，short put option 可以赚取期权费”这句话。。。虽然听完了后面的课但是又迷糊了。。可以举个例子么，谢谢
看了之前的回答还是不是很清楚a和c 因为虽然公司是做对冲并且客户知道公司的交易策略但是这次交易应该也对客户进行披露吧？
请问这个不算manipulate吗？怎么分清操作和策略的区别啊？？
