NO.PZ2020020202000001
问题如下：
Which of the following statements regarding the execution algorithms is incorrect?
选项：
A.POV algorithm trades a predetermined number of shares within the specified time interval.
VWAP algorithms slice the order into smaller amounts to send to the market following a time slicing schedule based on historical intraday volume profiles.
TWAP algorithms slice the order into smaller amounts to send to the market following an equal-weighted time schedule.
解释：
A is correct. VWAP and TWAP algorithms follow a time-specified schedule, trading a predetermined number of shares within the specified time interval, rather than the POV algorithm. The other two statements are both correct.
（提问背景：我选的A选项，但是属于歪打正着，所以想理清一下这个知识点）
请问在讲义40页中最后一行写的They may not complete the order within the time period specified，提到了time period specified。鉴于之前辅导员解释过的A选项错误在最后表述的time-specified schedule是不属于POV的性质的，我的问题是： 1）那么上述这句英文表述是否正确？2）我理解是POV是percent of volume，所以肯定是能完成的，因为就是按照比例去买。请问什么时候会出现按照比例去买，却买不到的呢？是因为想买总volume的某一比例的股票时，价格出的低于市场成交价吗？谢谢！
