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 Exhibit 1, the effective spread for the executed ABC stock trade is most likely:【单选题】

A.equal to the quoted bid–ask spread.

B.greater than the quoted bid–ask spread.

C.less than the quoted bid–ask spread.

正确答案:C

答案解析:Effective spread is a measure of execution costs that captures both the effects of price improvements and market impact. The effective spread is two times the deviation of the actual execution price from the midpoint of the market quote at the time an order is entered.

2、The explicit cost component of the total implementation shortfall for the Nano Corporation trade is closest to:【单选题】

A.0.15%.

B.0.25%.

C.0.35%.

正确答案:A

答案解析:Implementation shortfall can be decomposed into explicit costs, realized profit/loss, delay costs, and missed trade 

3、【单选题】

A.The stock is thinly traded with erratic volume.

B.DAM prefers to execute as close to the closing price as possible.

C.The order is a low percentage of the average daily volume of the stock.

正确答案:C

答案解析:C is correct. A VWAP algorithmic trade is best suited for an order that is a low percentage of the 

4、DAM is most likely to be characterized as:【单选题】

A.

B.

C.

正确答案:A

答案解析:A is correct. Value-motivated traders are patient, infrequent traders driven by differences between 

5、【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: