Kaplan考试和QBank二级（考友版）：V2阶段考试1 AM（题目+解析）.docx

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1、CFALevel11Questions#1-6of60Questions1through6relatetoEthicalandProfessionalStandards.Trent,LLCCaseScenarioMarthaGilIiSCFA,tradescurrenciesf*Trent,LLCTrentisoneofthelargestinvestmentfirmsintheworld,anditsfreigncurrencydepartmenttradesmorecurrencyonadailybasisthananyotherfirmGillisspecializesincurrenc

2、iesofemergingnations.GillisreceivedaninvitationfromthenewfinanceministerofBinaria,oneftheemergingnationsincludedinGillissportfolioTheministerhasproposedanumberoffiscalreformsthathehopesWiiIhelpsupportBinariaSweakeningcurrency.Heisaskingcurrencyspecialistsfromseveralofthelargestforeignexchangebanksto

3、visitBinariafaraconferenceontheplannedreforms.Becauseofitsremotelocation,Binariawillpayalltravelexpensesoftheattendees,aswellaslodgingingovernment-ownedfacilitiesinthecapitalcityAsafurtherinducement,attendeeswillalsoreceivesmallbagsofuncutemeralds(becauseemeraldsareaprincipalexportofBinaria),WiIhane

4、stimatedmarketvalueof$500.Gillishasapproximately25clientsthatshedealsWithregularimostd*whomarelargefinancialinstitutionsinterestedintradingcurrencies.OneoftheservicesGillisprovidestotheseclientsisaweeklysuminaryofimportanttrendsintheemergingmarketcurrenciesshefollows.Gillistalkstolocalgovernmentoffi

5、cialsandreadsresearchreportspreparedbylocalanalysts,whicharepaidforbyTrentTheseinputs,alongWithGillissinterpretation,fnnthebasisofmostCfGillis,sweeklyreports.GillisdecidedtoattendtheconferenceinBi11ciriaTnanticipationfafavorablereceptionfortheproposedreforms,GillispurchasedatongBinariacurrencypositi

6、oninherpersonalaccountbeforeleadngonthetripAfterhearingthefinanceministersproposalsinperson,however,shedecidesthattherefonsarepoorlytimedandlikelytocausethecurrencytodepreciateSheissuesanegativerecommendationuponherreturnBeforeissuingtherecommendation,sheliquidatesthelongpositioninherpersonalaccount

7、butdoesnottakeashortpositioaGillisssupervisor;SteveHowlett,CFA,hasbeenreviewingGillisspersonaltrading.HowletthasnotseenanydetailsoftheBinariacurrencytradebuthasfoundtwootherinstancesinthepastyearwherehebelievesGiUishasviolatedTrent*swrittenpoliciesregardingtradinginpersonalaccounts.Oneofthecurrencyt

8、radingstrategiesemployedbyTrentisbasedoninterestrateparityTrentmonitorsspotexchangerates,forwardrates,andshort-termgovernmentinterestrates.Ontherareoccasionswhenthefcrwardratesdonotaccuratelyreflecttheinterestdifferentialbetweentwocountries,Trentplacestradestotakeadvantageoftherisklessarbitrageoppor

9、tunity.BecauseTrentissuchalargeplayerintheexchangemarkets,itstransactionscostsareverylow,andTrentisoftenabletotakeadvantageofmispricingsthataretoosmallforotherstocapitalizeon.Indescribingthesetradingopportunitiestoclients,Trentsuggeststhatclientswillingtoparticipateinthistypetfarbitragestrategyaregu

10、aranteedrisklessprotsuntilthemarketpricingreturnstoeqIiilitrium.*Question#1of60QuestionID:1220539AccordingtoCFAInstituteStandardsOfProfessionalConduct,GillismayaccepttheinvitationtoattendtheconferenceinBinariarithoutviolatingtheStandards:A)solongasshepaysherowntravelexpensesandrefusesthegiftofemeral

11、ds.B)solongassherefusesthegiftfemeraldsC)becauseshewouldbetheguestofasovereigngovernmentQuestion#2of60QuestionII):1220540GiventhatGillissweeklyreportstoclientsaremarketsummariesratherthanspecificinvestmentrecommendations,whatareherrecord-keepingobligationsaccordingtoCFAInstituteStandardsofProfession

12、alConduct?Gillismust:A)Oiaintcdnrecordsofherconversations%thlocalgovernmeritofficialsandalsokeepcopiesoftheresearchreportspreparedbylocalanalysts.B)onlymaintainrecordsofherconversationswith1ocalgovernmentOfficiaISandherownsummariesoftheresearchreportspreparedbytocalanalysts.C)keepherownsummariesofth

13、eresea*chreportspreparedbyhealanalysts,butshehasnoobligationtomaintainrecordsofherconversationsWithlocalgovernmentOfiiciaISQuestion#3of60QuestionID:1220541RegardingGillisstransactionsintheBinaiiacuency,shehasviolatedtheStandardsby:A)tcikingthelongpositionandbysellingthepositionbeforeissuingarecommen

14、dationtoclients.B)sellingthepositionbeforeissuingtherecommendationtoclients,althoughtakingthelongpositionwasnotaviolationC)notdisclosingthetradesinherreportbecausetheWadesareacceptableastongastheyaredisclosedQuestion#4of60QuestionID:1220542AccordingtoCFAInstituteStandardsOfProfessionalConduct,Howlet

15、sbestcourseofactionwithregardtothesuspectedviolationsbyGilliswouldbeto:A)meetwithGillisinperson,explainthenatureoftheviolations,andseekassurancesthatsuchviolationsWilInotrecurB)warnGillistoceasethetradingactivitiesandreporttheVioIati)UtoHowlettssupervisorimmediatelyC)placeIimitsonGilJispersonaltding

16、andincreasemonitoringofGiliigspersonaltrades.QuestionID: 1220 54 3Question#5of60Basedontheinformationgiven,andaccordingtoCFAInstituteStandards,whichofthefollowingstatementsbestdescribesTrenfScomplianceproceduresrelatingtopersonaltradinginforeigncurrencies?Thecomplianceprocedures:A)appearadequatebecauseHowle