Standard II(B)Market Manipulation

 

　　Which of the following is a violation of Standard II(B),Market Manipulation?

 

　　A)Overstating an earnings projection in order to increase the price of a stock.

 

　　B)Implementing a trading strategy to exploit differences in market power and information.

 

　　C)Engaging in a block trade to limit the effect on the price of a thinly traded security.

 

　　Answer：A

 

　　Standard II(B),Market Manipulation,is not intended to prohibit transactions that are done in order to minimize income taxes or trading strategies that are not intended to distort prices or artificially inflate trading volume.Overstating earnings projections in order to increase the price of a stock is a direct violation.

 

　　解析：

 

　　Standard II(B),Market Manipulation：会员和考生不得从事歪曲价格或人为抬高交易量试图误导市场参与者的行为，所以A选项的overstating就是错误的。B选项说利用市场力量和信息的差异来实施交易策略，是可以的。C选项是说鼓励大宗交易为了限制价格波动产生的影响，是衍生品交易的一个正常策略。所以答案选A。

 

　　翻译：

 

　　以下哪个违反了市场操纵的准则：

 

　　A.夸大项目盈利为了提高股票价格。

 

　　B.通过市场力量和信息的差异来实施交易策略。

 

　　C.鼓励大宗交易为了限制价格波动产生的影响。