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albee · 2021年08月07日

No.PZ2018062002000035 (选择题)这道题是哪章节课程讲到的知识?

NO.PZ2018062002000035

问题如下:

The following limit order standing in the stock’s order book:

Suppose Carl submitted a day order with a limit price of $ 20.87 and sold 1,000 shares, and no more investor submits a buy order after he submitted the order. What is the average price for Carl’s transaction?

选项:

A.

$21.70.

B.

$21.28.

C.

$21.05.

解释:

Carl’s average trade price is:

21.28=300×21.89+400×21.02+200×20.88300+400+20021.28=\frac{300\times21.89+400\times21.02+200\times20.88}{300+400+200}

Carl's order will be filled with the most aggressively priced buy order firstly, which is Fiona’s order for 300 shares at $21.89. Carl still remaining 700 shares did not sell. Philip’s order for 400 shares at $21.02 is the second aggressively priced buy order, after the order was filled Carl still have 300 shares to sell. Debbie’s order for 200 shares at $20.88 is the third aggressively priced buy order, he still has 100 shares to sell after the third order takes place. Liam’s order for 1,000 shares at $20.70 is the next buy order, but the price of this order is lower than Carl's required limit price, therefore, no more transactions can be carried out.

考点:Instructions Of Transaction Processes

这道题表格中给了市场上买方和卖方愿意出的价格和需求量,问如果C同学想要以不低于20.87的价格卖出1000股,那么它的平均成交价格是多少。这道题是从卖股票的角度考虑,那么你就要看看当前市场上有多少人想买,只有买价大于20.87的部分才能成交,从表格可以看出只有Debbie\Philips\Fiona出的买价高于20.87,因此C同学只能卖出900股。那么总共卖出的交易价格就等于:

\(21.28=\frac{300\times21.89+400\times21.02+200\times20.88}{300+400+200}\)

No.PZ2018062002000035 (选择题)这道题是哪章节课程讲到的知识?

2 个答案

韩韩_品职助教 · 2021年08月11日

嗨,努力学习的PZer你好:


同学你好,题干中说:“Suppose Carl submitted a day order with a limit price of $ 20.87 and sold 1,000 shares” 这个day order的限价就是20.87元,他具体能成交多少就要看买家的出价情况和其他的卖家(竞争者)情况,具体先看上表中,offer这一边,就是卖家,除了carl外的三个卖家(kevin、veronic、ethel)向外卖的价格都比他的20.87元,高对吧(21.9/22.01/22.06),所以所有买家的订单应该先紧着符合carl的要求成交(不低于20.87),此时你会发现bid一边,只有Debbie\Philips\Fiona出的买价高于20.87,符合其要求会成交900股

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

韩韩_品职助教 · 2021年08月07日

嗨,从没放弃的小努力你好:


同学你好,这个知识点应该是R36中,交易指令这一块的知识点,大概在如下图所在位置:

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

albee · 2021年08月10日

没明白题干哪里说了是不低于20.87。这人不是指定价格和size么,所以相当于他的报价没有匹配上在列的价格,为什么还是可以成交?

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NO.PZ2018062002000035 问题如下 The following limit orr stanng in the stock’s orr book:Suppose Carl submittea y orr with a limit priof $ 20.87 ansol1,000 shares, anno more investor submits a buy orr after he submittethe orr. Whis the average prifor Carl’s transaction? A.$21.70. B.$21.28. C.$21.05. Carl’s average tra priis:21.28=300×21.89+400×21.02+200×20.88300+400+20021.28=\frac{300\times21.89+400\times21.02+200\times20.88}{300+400+200}21.28=300+400+200300×21.89+400×21.02+200×20.88​Carl's orr will fillewith the most aggressively pricebuy orr firstly, whiis Fiona’s orr for 300 shares $21.89. Carl still remaining 700 shares not sell. Philip’s orr for 400 shares $21.02 is the seconaggressively pricebuy orr, after the orr wfilleCarl still have 300 shares to sell. bbie’s orr for 200 shares $20.88 is the thiraggressively pricebuy orr, he still h100 shares to sell after the thirorr takes place. Liam’s orr for 1,000 shares $20.70 is the next buy orr, but the priof this orr is lower thCarl's requirelimit price, therefore, no more transactions ccarrieout.考点Instructions Of Transaction Processes这道题表格中给了市场上买方和卖方愿意出的价格和需求量,问如果C同学想要以不低于20.87的价格卖出1000股,那么它的平均成交价格是多少。这道题是从卖股票的角度考虑,那么你就要看看当前市场上有多少人想买,只有买价大于20.87的部分才能成交,从表格可以看出只有bbie\Philips\Fiona出的买价高于20.87,因此C同学只能卖出900股。那么总共卖出的交易价格就等于\(21.28=\frac{300\times21.89+400\times21.02+200\times20.88}{300+400+200}\) 如果买方仍然是300share@21.89, 400share@21.02,现在investor下了一个500share@20.87的all or nothing buy orr。那么订单会在21.89执行300+在21.02执行200;还是会因为在21.89的买单不够500share,而导致无效无法成交?

2024-05-21 20:40 1 · 回答

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2023-03-02 09:11 1 · 回答

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