Foreign Exchange Market Participants：i.e.;buy FX products from the sell-side banks.:all other banks.

Identification of Market Structure – Concentration Ratio：the sum of the market;Advantage:simple to:The industry’sfour-companyconcentration ratiois closest to150300 + 250 + 200 + 150 + 100 + 50 = 9001050 = 86%.

Identification of Market Structure – Econometric Method：Estimate the elasticityof demand and supply.;cross-sectional

Cournot Assumption in Oligopoly Market：The Cournot solution falls betweenthe competitive equilibrium and the monopoly solution.

Open market operations：rate for these reserves.

Collusion in Oligopoly Market：reduced cash flow uncertainty:frequency.competition.collusion.

Analysis of Market Structure：2 The degree of product differentiation;4 The relative strength of the barriers to market entry and exit:monopoly.A[PracticeC.B

What are the responsibilities of the members in reference to the CFA Institute?：Once accepted as a member:每年交述职报告和年费but must not over promise the competency and future investment results.Case

What members and candidates should notice in CFA examinations?：or security of the CFA examinations.（不能恶心CFA），考试不能作弊:考试内容要保密:A. No.:Responsibilities as a CFA Institute Member.right④Case

What aspect is loyalty embodied?：Should abstain from independent competitive activity that could conflict with the interests of their employer.:（从事独立业务需要向雇主披露并获得雇主同意）:Misappropriation of trade secrets（盗窃交易秘密）

What are the ethics and trust in the investment profession？：Global investment performance standards（GIPS）= 比例低，也并非所有的不道德都是违法君子有所不为的决策是更好的决策更符合stakeholder利益的决策

What's the meaning of “market manipulation”?：distort prices or artificially inflate trading volume （扭曲价格、虚增交易量）:with the intent tomisleadmarket participants. （目的是误导投资者）:如果达到一定的交易量可以减少佣金如果这种利益归属于客户且披露了没有违反市场操纵准则）