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Dear all,

Can anyone help me with the following question about Code and ethics pls. i dont get it.Why ?

Over the past 2 yrs, a Frm, manager of hedge fund, has been purchasinglarge quantity of a common stock, and at the same time shorting putoption of the same stock. She did not notify her clients of the tradesalthough they are aware of the fund general strategy to generatereturns. Asking which of following statements is mostly correct. she

a) did not violate Code
b) violate by manipulate price of publicly traded securities
c) violate by fail to disclose to clients before trades occur
d) violate by fail to establish reasonable, adequate basis before making trades

I think b and c are correct.
But the correct answer is a. reason is she attempts to take advantageof an arbitrage opportunity that exists between that common stock andits put option. that s an investment strategy so not violate b andsince her clients aware of it, she doesnt violate c

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关键词：quesion Help ESI elp FRM FRM 解答 前辈 Help quesion

上次好像谁问过这个问题。
我选的是A，但我感觉答案解释的不对啊。这里面没有arbitrage oppotunity啊.这个基金经理明显是在赌股价要上涨，她是投机，但不代表她操纵股价。