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Alex · 2020年12月22日

问一道题:NO.PZ2020020202000011

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

B.

Only Statement 5

C.

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.

关于Statement 5 是不是错了两个地方?


1、大单不急的债,用broker


2、大单不急的衍生品,用电子交易算法进行交易

1 个答案

吴昊_品职助教 · 2020年12月23日

同学你好:

对于交易所衍生品,大单且非紧急的交易通过电子交易算法进行交易,而不是high-touch agency。

high-touch就是人工的意思,包含broker的,所以对于fixed income的表述没有问题。参考基础班讲义P52页。