【羿文寄语】考试需要积极的人生态度，把时间用在进步上，而不是抱怨上。

CFA考试Level Ⅰ

【单选题】

Over the past two days, Lorraine Quigley, CFA, manager of a hedge fund, has been purchasing large quantities of Craeger Indusdivial Products' common stock while at the same time shorting put options on the same stock.Quigley did not notify her clients of the divades although they are aware of the fund's general sdivategy to generate returns.Which of the following statements is most likelycorrect? Quigley:

A.did not violate the Code and Standards.

B.violated the Code and Standards by manipulating the prices of publicly divaded securities.

C.violated the Code and Standards by failing to disclose the divansactions to clients before they occurred.

答案：A

【解析】Quigley's trades are most likely an attempt to take advantage of an arbitrage opportunity that exists between Craeger's common stock and its put options.She is not manipulating the prices of securities in an attempt to mislead market participants, which would violate Standard II(B) Market Manipulation.She is pursuing a legitimate investment strategy.Participants in her hedge fund are aware of the fund's investment strategy, and thus Quigley did not violate the Code and Standards by not disclosing this specific set of trades in advance of trading.