问题如下：
Under the GIPS standards, the most accurate statement is that actual direct trading expenses do not include:
选项：
A. spreads from internal brokers.
B. brokerage commissions.
C. custody fees charged per transaction.
解释：
C is correct.
The GIPS Glossary defines trading expenses as "the actual costs of buying or selling investments" and states, "These costs typically take the form of brokerage commissions, exchange fees and/ or taxes, and/ or bid-offer spreads from either internal or external brokers. Custodial fees charged per transaction should be considered custody fees and not trading expenses." (See Section 3.5 of the reading.)
custodial fee指托管费？