2020年CFA考试《CFA三级》考试共题，分为。小编为您整理Trading5道练习题，附答案解析，供您备考练习。

1、Based on Craig's statement about types of traders and preferred order types, Placid's preference is most likely a trader that is:【单选题】

A.information motivated.

B.value motivated.

C.liquidity motivated.

正确答案:B

答案解析:Value-motivated traders trade only when the price moves into their value range. Their motivation is to take advantage of perceived valuation errors. With respect to trade execution, their preference is price (versus time). They often use limit orders.

2、【单选题】

A.

B.

C.Both statements are correct.

正确答案:A

答案解析:The Institute report specifies four characteristics of best execution:

3、【单选题】

A.DAM values price discovery in the marketplace.

B.DAM wants to minimize market impact on NVRO.

C.

正确答案:B

答案解析:B is correct. Their attempt to use an ECN indicates they value low cost and low market impact 

4、【单选题】

A.$1,084.

B.$2,434.

C.$4,376.

正确答案:B

答案解析:B is correct. At the end of the second day, DAM wanted to own 10,000 shares of NVRO at 

5、【单选题】

A.$96.

B.$160.

C.$256.

正确答案:B

答案解析:B is correct. The implicit cost estimate is the difference between the actual execution price and