问题如下图：
选项：
A. 
B. 
C. 
解释：
这道题的考点讲义里没有，请讲一下C选项
maggie_品职助教 · 2019年12月30日
这道题考察的是pairs trading,请看讲义131页。做配对交易就是通过观测平时涨跌势基本一致的股票（高度相关），突然走势不一致了，就是因为他们相关，我们相信他们终归会回归价值，所以就买那个低估，卖那个高估的。这道题就是在考察我们如果本来相关的股票未来走势不再相关了，我们应该采取什么做法来及时止损，因此选B Stop-loss order。请见原版书的截图：
而选项C:限价订单多用于高频交易中识别非常短暂的定价不合理的机会，而这道题K同学预期均值回归的时间是数天至数周，所以C选项不对。请看原版书的截图：（这是一个非常偏的点，稍作了解即可）
SUN · 2020年01月10日
为什么叫limit order book，limit了什么
NO.PZ2019012201000057 问题如下 Next, Leeter scribes theinvestment approaof the Kopernicus Fun Kopernicus makes extensive use ofmarket ta to support its primary focus—pairs trang between instry peers.Statistictechniques intify two securities thhave been highly correlateith eaother in the past. If the prirelationship between a pair verges,Kopernicus expects mereversion over a few ys or weeks anplaceslong–short positions accorngly to take aantage of the vergence. Whiriskmanagement methois the Kopernicus Funmost likely to use to offsetthe primary risk of its strategy? A.Proper intification of the pairs B.Frequent use of stop-loss orr rules C.Extensive analysis of the limit orr book The biggest risk in pairs trang is thatthe observeprivergenis not temporary ancoule to structuralreasons. Frequent use of stop-loss rules, whiare set to exit tras when aloss limit is reache aresses this risk. A is incorrect. Although properintification of the pairs to useis criticto the success of thisstatisticarbitrage strategy, the selection process alone es nothing toaress the risk thchanges in funmentals between the companies in the pairmoccur, thereextenng (or eliminating) priconvergence. C is incorrect. Using the limit orr bookto intify pairs pricing anomalies implies a very short time frame—brief afew millisecon—anfocuses onhigh-frequentrang. Kopernicus lets tras plout for ys or weeks;therefore, using the limit orr book will not help it. 请问老师，该知识点的出处是哪里。另外请问下，有没有相关的知识点。谢谢老师
NO.PZ2019012201000057问题如下 Next, Leeter scribes theinvestment approaof the Kopernicus Fun Kopernicus makes extensive use ofmarket ta to support its primary focus—pairs trang between instry peers.Statistictechniques intify two securities thhave been highly correlateith eaother in the past. If the prirelationship between a pair verges,Kopernicus expects mereversion over a few ys or weeks anplaceslong–short positions accorngly to take aantage of the vergence. Whiriskmanagement methois the Kopernicus Funmost likely to use to offsetthe primary risk of its strategy?A.Proper intification of the pairsB.Frequent use of stop-loss orr rulesC.Extensive analysis of the limit orr bookThe biggest risk in pairs trang is thatthe observeprivergenis not temporary ancoule to structuralreasons. Frequent use of stop-loss rules, whiare set to exit tras when aloss limit is reache aresses this risk. A is incorrect. Although properintification of the pairs to useis criticto the success of thisstatisticarbitrage strategy, the selection process alone es nothing toaress the risk thchanges in funmentals between the companies in the pairmoccur, thereextenng (or eliminating) priconvergence. C is incorrect. Using the limit orr bookto intify pairs pricing anomalies implies a very short time frame—brief afew millisecon—anfocuses onhigh-frequentrang. Kopernicus lets tras plout for ys or weeks;therefore, using the limit orr book will not help it. 我想请问一下这里核心是不是pair股价往相反方向发展，为了止损赶紧用stop loss市场价交易？limit orr可能成交不了。
NO.PZ2019012201000057 问题如下 Next, Leeter scribes theinvestment approaof the Kopernicus Fun Kopernicus makes extensive use ofmarket ta to support its primary focus—pairs trang between instry peers.Statistictechniques intify two securities thhave been highly correlateith eaother in the past. If the prirelationship between a pair verges,Kopernicus expects mereversion over a few ys or weeks anplaceslong–short positions accorngly to take aantage of the vergence. Whiriskmanagement methois the Kopernicus Funmost likely to use to offsetthe primary risk of its strategy? A.Proper intification of the pairs B.Frequent use of stop-loss orr rules C.Extensive analysis of the limit orr book The biggest risk in pairs trang is thatthe observeprivergenis not temporary ancoule to structuralreasons. Frequent use of stop-loss rules, whiare set to exit tras when aloss limit is reache aresses this risk. A is incorrect. Although properintification of the pairs to useis criticto the success of thisstatisticarbitrage strategy, the selection process alone es nothing toaress the risk thchanges in funmentals between the companies in the pairmoccur, thereextenng (or eliminating) priconvergence. C is incorrect. Using the limit orr bookto intify pairs pricing anomalies implies a very short time frame—brief afew millisecon—anfocuses onhigh-frequentrang. Kopernicus lets tras plout for ys or weeks;therefore, using the limit orr book will not help it. A is incorrect. Although proper intification of the pairs to useis criticto the success of this statisticarbitrage strategy, the selection process alone es nothing to aress the risk thchanges in funmentals between the companies in the pair moccur, thereextenng (or eliminating) priconvergence.“A不正确。虽然正确识别要使用的配对对这种统计套利策略的成功至关重要，但选择过程本身并不能解决公司间基本面变化的风险，这种变化可能导致价格趋同的延长（或消失）。” 似乎A有一定道理啊
NO.PZ2019012201000057 问题如下 Next, Leeter scribes theinvestment approaof the Kopernicus Fun Kopernicus makes extensive use ofmarket ta to support its primary focus—pairs trang between instry peers.Statistictechniques intify two securities thhave been highly correlateith eaother in the past. If the prirelationship between a pair verges,Kopernicus expects mereversion over a few ys or weeks anplaceslong–short positions accorngly to take aantage of the vergence. Whiriskmanagement methois the Kopernicus Funmost likely to use to offsetthe primary risk of its strategy? A.Proper intification of the pairs B.Frequent use of stop-loss orr rules C.Extensive analysis of the limit orr book The biggest risk in pairs trang is thatthe observeprivergenis not temporary ancoule to structuralreasons. Frequent use of stop-loss rules, whiare set to exit tras when aloss limit is reache aresses this risk. A is incorrect. Although properintification of the pairs to useis criticto the success of thisstatisticarbitrage strategy, the selection process alone es nothing toaress the risk thchanges in funmentals between the companies in the pairmoccur, thereextenng (or eliminating) priconvergence. C is incorrect. Using the limit orr bookto intify pairs pricing anomalies implies a very short time frame—brief afew millisecon—anfocuses onhigh-frequentrang. Kopernicus lets tras plout for ys or weeks;therefore, using the limit orr book will not help it. 可以详细一下B和C吗？为什么这个可以帮助offset pair trang风险啊？
NO.PZ2019012201000057 问题如下 Next, Leeter scribes theinvestment approaof the Kopernicus Fun Kopernicus makes extensive use ofmarket ta to support its primary focus—pairs trang between instry peers.Statistictechniques intify two securities thhave been highly correlateith eaother in the past. If the prirelationship between a pair verges,Kopernicus expects mereversion over a few ys or weeks anplaceslong–short positions accorngly to take aantage of the vergence. Whiriskmanagement methois the Kopernicus Funmost likely to use to offsetthe primary risk of its strategy? A.Proper intification of the pairs B.Frequent use of stop-loss orr rules C.Extensive analysis of the limit orr book The biggest risk in pairs trang is thatthe observeprivergenis not temporary ancoule to structuralreasons. Frequent use of stop-loss rules, whiare set to exit tras when aloss limit is reache aresses this risk. A is incorrect. Although properintification of the pairs to useis criticto the success of thisstatisticarbitrage strategy, the selection process alone es nothing toaress the risk thchanges in funmentals between the companies in the pairmoccur, thereextenng (or eliminating) priconvergence. C is incorrect. Using the limit orr bookto intify pairs pricing anomalies implies a very short time frame—brief afew millisecon—anfocuses onhigh-frequentrang. Kopernicus lets tras plout for ys or weeks;therefore, using the limit orr book will not help it. 如题