问题如下：
Harding and Yellow conclude their meeting by comparing trade implementation for equities with the trade implementation for the new fixed-income, exchange-traded derivatives, and currency investments under consideration. Yellow tells Harding:
Statement 4 Small currency trades and small exchange-traded derivatives trades are typically implemented using the direct market access (DMA) approach.
Statement 5 The high-touch agency approach is typically used to execute large, non-urgent trades in fixed-income and exchange-traded derivatives markets.
Which of Yellow’s statements regarding the trade implementation of non-equity investments is correct?
选项：
A.Only Statement 4
Only Statement 5
Both Statement 4 and Statement 5
解释：
A is correct.
Small currency trades are usually implemented using direct market access (DMA). Buy-side traders generally use DMA for exchange-traded derivatives, particularly for smaller trades.
为什么对于fixed income ,如果small, 从dealer, 反而large non-agent用用high touch approach___broker， 理论上不是dealer的成本不是更贵吗，为什么大的不紧急的的用的还要比小的的交易成本高。
