题目中提到，担心信息泄露，那么为什么还要在公开市场上操作呢？

NO.PZ202110280100000102 问题如下 The most appropriate trang strategy for the sell orr of Music Plus shares is: A.trang in the open market. B.selling the closing auction for the y. C.passive trang over the course of the trang y. A is correct. The sell orr for the Music Plus shares hassociatehigh tra urgenbecause Wong termineththe stois temporarily overvalueanexpects others to realize this quickly. Therefore, the trar es not have the benefit of trang the orr passively (suusing a VWor TWparticipation strategy) ring the y, sinthe share pricoulcrease to fair value any time. Because the tra orr for Music Plus shares is submitteafter the market openethy, the opening auction is not option anthe whole orr is train the open market.B is incorrebecause selling the closing auction for the y is appropriate trang strategy for tras when the portfolio manager woullike to receive procee NAV. example of sua tra is a tra to meet a remption request from a client. The tra for Music Plus shares hassociatehigh tra urgenanmust executequickly possible to capture the short-term alphWaiting until the closing auction is not appropriate trang strategy.C is incorrebecause passive trang is appropriate for tras associatewith low tra urgency. The sell orr of Music Plus shares hassociatehigh tra urgenbecause Wong termineththe stois temporarily overvalueanexpects the new ta to reflectein the prithe enof the y. Therefore, the trar es not have the benefit of trang the orr passively (suusing a VWor TWparticipation strategy) ring the y, sinthe share pricoulcrease to fair value any time. 请问答案里的这句话在基础班讲义里有讲到么？为什么manager要receive procee N就要在closing auction交易呀？还有什么是closing auction呀？和opening auction的区别是什么呀？谢谢“B is incorrebecause selling the closing auction for the y is appropriate trang strategy for tras when the portfolio manager woullike to receive procee NAV. ”

NO.PZ202110280100000102 问题如下 The most appropriate trang strategy for the sell orr of Music Plus shares is: A.trang in the open market. B.selling the closing auction for the y. C.passive trang over the course of the trang y. A is correct. The sell orr for the Music Plus shares hassociatehigh tra urgenbecause Wong termineththe stois temporarily overvalueanexpects others to realize this quickly. Therefore, the trar es not have the benefit of trang the orr passively (suusing a VWor TWparticipation strategy) ring the y, sinthe share pricoulcrease to fair value any time. Because the tra orr for Music Plus shares is submitteafter the market openethy, the opening auction is not option anthe whole orr is train the open market.B is incorrebecause selling the closing auction for the y is appropriate trang strategy for tras when the portfolio manager woullike to receive procee NAV. example of sua tra is a tra to meet a remption request from a client. The tra for Music Plus shares hassociatehigh tra urgenanmust executequickly possible to capture the short-term alphWaiting until the closing auction is not appropriate trang strategy.C is incorrebecause passive trang is appropriate for tras associatewith low tra urgency. The sell orr of Music Plus shares hassociatehigh tra urgenbecause Wong termineththe stois temporarily overvalueanexpects the new ta to reflectein the prithe enof the y. Therefore, the trar es not have the benefit of trang the orr passively (suusing a VWor TWparticipation strategy) ring the y, sinthe share pricoulcrease to fair value any time. 老师好，我想请教下这个说法passive trang over the course of the trang y.请问在一天内被动交易指的是什么交易呢？我看答案给的指的是VWAP和TWAP？他们的优点指的是可以提前在一个固定的时间预测出售多少数量的股票。这道题里是因为wong想要按照全天交易量的20%去出售，所以不对吗？我感觉好像挺对的啊，比如VWAP策略，我预测一个今天全部的交易量然后把订单拆分不是挺好的么？还能避免information leakage？

NO.PZ202110280100000102 问题如下 The most appropriate trang strategy for the sell orr of Music Plus shares is: A.trang in the open market. B.selling the closing auction for the y. C.passive trang over the course of the trang y. A is correct. The sell orr for the Music Plus shares hassociatehigh tra urgenbecause Wong termineththe stois temporarily overvalueanexpects others to realize this quickly. Therefore, the trar es not have the benefit of trang the orr passively (suusing a VWor TWparticipation strategy) ring the y, sinthe share pricoulcrease to fair value any time. Because the tra orr for Music Plus shares is submitteafter the market openethy, the opening auction is not option anthe whole orr is train the open market.B is incorrebecause selling the closing auction for the y is appropriate trang strategy for tras when the portfolio manager woullike to receive procee NAV. example of sua tra is a tra to meet a remption request from a client. The tra for Music Plus shares hassociatehigh tra urgenanmust executequickly possible to capture the short-term alphWaiting until the closing auction is not appropriate trang strategy.C is incorrebecause passive trang is appropriate for tras associatewith low tra urgency. The sell orr of Music Plus shares hassociatehigh tra urgenbecause Wong termineththe stois temporarily overvalueanexpects the new ta to reflectein the prithe enof the y. Therefore, the trar es not have the benefit of trang the orr passively (suusing a VWor TWparticipation strategy) ring the y, sinthe share pricoulcrease to fair value any time. tra in open market这个表达是什么意思？是集合竞价还是开盘后立马交易？如果是集合竞价有点牵强啊，这个信息是开市后才公布，公布后才有一个上涨。