问题如下：
4 What type of algorithm should be used to purchase the XYZ shares given Harding’s priority in building the XYZ position and his belief about potential price movements?
选项：
A.Scheduled algorithm
Arrival price algorithm
Opportunistic algorithm
解释：
A is correct.
XYZ shares are relatively liquid, and Harding has prioritized minimizing the trade’s market impact to avoid conveying information to market participants. Harding also does not expect adverse price movements during the trade horizon. Scheduled algorithms are appropriate for orders in which portfolio managers or traders do not have expectations for adverse price movement during the trade horizon. These algorithms are also used by portfolio managers and traders who have greater risk tolerance for longer execution time periods and are more concerned with minimizing market impact. Scheduled algorithms are often appropriate when the order size is relatively small (e.g., no more than 5%–10% of expected volume), the security is relatively liquid, or the orders are part of a risk-balanced basket and trading all orders at a similar pace will maintain the risk balance.
Opportunistic algorithm 不是 市场冲击成本更小么？
