NO.PZ201710020100000102
问题如下：
2. Using Exhibit 1, which of the following would be the best reason for the revised USD/GBP dealer quote of 1.5760/1.5768?
选项：
A. A request for a much larger transaction
B. A drop in volatility in the USD/GBP market
C. A request to trade when both New York and London trading centers are opened
解释：
A is correct.
Posted quotes are typically for transactions in 1 million units of the base currency. Larger transactions may be harder for the dealer to sell in the interbank market and would likely require the dealer to quote a wider spread (lower bid price and higher offer price).
考点： Factors that affect the bid-offer spread
解析：注意到，USD/GBP的报价由 1.5762/1.5766 变成了1.5760/1.5768，说明Spread变大了。
Spread变大说明交易量很大，因为在外汇市场上较大的交易量会抽干市场的流动性。所以做市商的买卖价差随之变大。所以A选项的说法正确。
B选项和C选项，无论是市场波动的降低还是伦敦纽约两个市场同时开放，这两个因素都会导致Spread变小而不是变大，所以B和C的说法都不正确。
volatility不是流动性的意思么，流动性降低不是也会造成spread增大？
