R39 练习: 市场组织与结构
考纲范围
- explain the main functions of the financial system
- describe classifications of assets and markets
- describe the major types of securities, currencies, contracts, commodities, and real assets that trade in organized markets, including their distinguishing characteristics and major subtypes
- describe types of financial intermediaries and services that they provide
- compare positions an investor can take in an asset
- calculate and interpret the leverage ratio, the rate of return on a margin transaction, and the security price at which the investor would receive a margin call
- compare execution, validity, and clearing instructions
- compare market orders with limit orders
- define primary and secondary markets and explain how secondary markets support primary markets
- describe how securities, contracts, and currencies are traded in quote-driven, order-driven, and brokered markets
- describe characteristics of a well-functioning financial system
- describe objectives of market regulation
Q1.
Regarding the main functions of the financial system, which of the following is least accurate?
A. Achieving purposes in using financial system
B. Determining equilibrium rates of return
C. Preventing insider trading
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答案：C
解析：金融系统的主要功能包括：帮助人们实现使用金融系统的目的（储蓄、借贷、融资等）、确定均衡回报率、以及实现资本配置效率。防止内幕交易是市场监管的目标，不是金融系统的主要功能。
选项 判断 解析 A ✗ 帮助实现使用金融系统的目的是金融系统的功能之一 B ✗ 确定均衡回报率是金融系统的功能之一 C ✓ 防止内幕交易是监管目标，不是金融系统的主要功能 关联：R39: 市场组织与结构
Q2.
All of the following are the functions of the financial system except for:
A. managing risks.
B. exchanging assets.
C. promoting fairness.
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答案：C
解析：金融系统的功能包括：帮助人们实现目的（储蓄、借贷、管理风险、交换资产等）、确定均衡回报率、资本配置效率。促进公平（promoting fairness）不是金融系统的功能。
选项 判断 解析 A ✗ 管理风险是金融系统功能之一 B ✗ 交换资产是金融系统功能之一 C ✓ 促进公平不属于金融系统的功能 关联：R39: 市场组织与结构
Q3.
Anna, a fund manager in Bridge Corporation, established a close-ended fund investing in fintech industry, with a lockup period of 3 years. Her investment strategy is consistent with passive investment style, expecting that fintech industry will rise in the long-term period. Anna is mostly likely using:
A. capital market instruments.
B. money market instruments.
C. alternative market instruments.
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答案：A
解析：Anna投资金融科技行业，采用被动投资策略，期望长期上涨。封闭式基金投资于权益类资产属于资本市场工具。货币市场工具期限短（通常<1年），另类投资通常不是被动投资策略。
选项 判断 解析 A ✓ 长期、被动投资于权益行业属于资本市场工具 B ✗ 货币市场工具期限短，不符合长期投资特征 C ✗ 另类投资通常不采用被动策略 关联：R39: 市场组织与结构
Q4.
Richardson, a fund manager in Lion Capital, is planning to construct a mutual fund that focuses on fixed-income securities due to a severe recession. Which of the following is mostly likely invested by the mutual fund?
A. Certificate of deposits
B. Exchange traded funds
C. Warrants
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答案：A
解析：在严重衰退期间，基金经理选择固定收益证券。存款证（Certificate of deposits）是固定收益/货币市场工具。ETF是集合投资工具，权证（Warrants）是衍生品，两者都不是固定收益证券。
选项 判断 解析 A ✓ 存款证是固定收益/货币市场工具 B ✗ ETF是集合投资工具，不是固定收益证券本身 C ✗ 权证是衍生品，不是固定收益证券 关联：R39: 市场组织与结构
Q5.
The Toronto Stock Exchange plans to issue new stock index futures to the investors. This trading is most likely known as:
A. equity securities in primary market.
B. pooled investment vehicles in secondary market.
C. derivative contracts in primary market.
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答案：C
解析：股票指数期货是衍生品合约（derivative contracts）。交易所发行新的期货合约属于一级市场（primary market）交易，因为是首次发行。
选项 判断 解析 A ✗ 股票指数期货不是权益证券 B ✗ 不是集合投资工具，且不是二级市场 C ✓ 股票指数期货是衍生品合约，新发行属于一级市场 关联：R39: 市场组织与结构
Q6.
A hedge fund holds heavily on public equities in the TMT sector. The investment policy of the hedge fund is best described as using:
A. money market instruments.
B. capital market instruments.
C. derivative instruments.
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答案：B
解析：对冲基金大量持有TMT板块的公开权益类资产。公开交易的权益证券（股票）属于资本市场工具（capital market instruments），而非货币市场工具或衍生品。
选项 判断 解析 A ✗ 货币市场工具是短期债务工具 B ✓ 公开交易的股票属于资本市场工具 C ✗ 题目描述的是持有权益而非衍生品 关联：R39: 市场组织与结构
Q7.
Jesse, a junior analyst in Golden Capital, is confused about the difference between open-ended funds and close-ended funds, and asks one of the senior associates in the company for help. Which of the following statements the senior associate makes is most correct?
A. Close-ended funds generally trade at a discount to the net asset values due to the expenses of the fund or low quality of the management.
B. Open-ended funds investors can trade their shares in the secondary market.
C. Close-ended funds investors can redeem existing shares on demand.
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答案：A
解析：封闭式基金通常以折价交易（相对于净资产价值），原因包括基金费用或管理质量较低。开放式基金投资者通过基金公司赎回份额，而非在二级市场交易（B错误）。封闭式基金不能按需赎回（C错误）。
选项 判断 解析 A ✓ 封闭式基金通常折价交易，原因是费用或管理质量 B ✗ 开放式基金通过基金公司赎回，不在二级市场交易 C ✗ 封闭式基金不能按需赎回 关联：R39: 市场组织与结构
Q8.
Michael White is preparing a presentation to his clients regarding commodity futures. He needs to explain the use of standardized futures contracts in futures transactions. Which of the following items does he most likely include into his presentation?
A. Before futures transactions begin, a long-position trader will sign a standardized futures contract with a short-position trader under the surveillance of a futures clearinghouse.
B. Only a short-position trader needs to deposit a margin with the clearinghouse to enter into a standardized futures contract.
C. There is limited counterparty risk involved with a standardized futures contract.
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答案：C
解析：标准化期货合约通过清算所进行，清算所作为中央对手方，因此对手方风险有限（limited counterparty risk）。期货交易中，多空双方都不直接签约（A错误）；多空双方都需要缴纳保证金（B错误）。
选项 判断 解析 A ✗ 期货交易中多空双方不直接签约，而是通过清算所 B ✗ 多空双方都需要缴纳保证金 C ✓ 标准化期货通过清算所交易，对手方风险有限 关联：R39: 市场组织与结构
Q9.
Which of the following statements best describes the characteristic of real assets?
A. Real assets are homogeneous.
B. Real assets are most actively traded.
C. Direct investments in real assets need high overhead costs.
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答案：C
解析：实物资产（如房地产、大宗商品）的直接投资需要较高的间接成本（overhead costs），如维护、保险、存储等。实物资产通常是异质的（非同质，A错误），且流动性较低（非最活跃交易，B错误）。
选项 判断 解析 A ✗ 实物资产通常是异质的（heterogeneous） B ✗ 实物资产流动性较低，不是最活跃交易的 C ✓ 实物资产直接投资需要较高的间接成本 关联：R39: 市场组织与结构
Q10.
Which of the following statements about futures contracts is least likely correct?
A. Futures contracts are traded on an organized exchange.
B. Forward contract terms are standardized.
C. If the balance in the futures margin account falls below the maintenance margin, the investor is required to top up the margin account to the maintenance margin level.
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答案：C
解析：当期货保证金账户余额低于维持保证金时，投资者需要将保证金补充到初始保证金水平（而非维持保证金水平）。期货在有组织的交易所交易（A正确）。远期合约是定制的（非标准化的），所以B错误——但注意答案是C，因为B说的是forward而非futures，远期合约确实不是标准化的，B是错误描述但题目问的是futures contracts。
选项 判断 解析 A ✗ 期货确实在有组织的交易所交易，描述正确 B ✗ 远期合约条款不是标准化的，但此选项描述远期合约（forward），非期货 C ✓ 保证金应补充到初始保证金水平，而非维持保证金水平 关联：R39: 市场组织与结构
Q11.
Which of the following financial intermediaries will least likely provide liquidity for markets?
A. Dealers
B. Custodians
C. Arbitrageurs
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答案：B
解析：托管人（Custodians）的职能是保管资产和记录交易，不提供市场流动性。做市商/经销商（Dealers）通过买卖报价提供流动性，套利者（Arbitrageurs）通过跨市场交易也间接提供流动性。
选项 判断 解析 A ✗ 做市商通过双向报价提供流动性 B ✓ 托管人负责资产保管，不提供流动性 C ✗ 套利者通过交易间接提供流动性 关联：R39: 市场组织与结构
Q12.
Which of the following characteristics least likely belongs to market dealers?
A. They tend to buy low and sell high.
B. They provide services by charging commissions.
C. They are liquidity providers.
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答案：B
解析：做市商（Dealers）通过买卖价差（bid-ask spread）赚取利润，而非通过收取佣金。收取佣金是经纪人（Brokers）的特征。做市商低买高卖（A正确），是流动性提供者（C正确）。
选项 判断 解析 A ✗ 做市商确实低买高卖赚取价差 B ✓ 收取佣金是经纪人的特征，做市商通过价差获利 C ✗ 做市商确实是流动性提供者 关联：R39: 市场组织与结构
Q13.
Which of the following statements about alternative trading systems (ATSs) is true?
A. Both ATSs and exchanges are regulatory authorities.
B. Many ATSs are called dark pools as they do not display the received orders.
C. Large investment managers dislike ATSs because they want their orders to be displayed.
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答案：B
解析：许多另类交易系统（ATSs）被称为暗池（dark pools），因为它们不展示收到的订单。ATSs不是监管机构（只有交易所才是，A错误）。大型投资经理通常喜欢ATSs，因为他们不希望订单被展示以避免市场影响（C错误）。
选项 判断 解析 A ✗ ATSs不是监管机构，只有交易所具有监管职能 B ✓ ATSs被称为暗池，因为不展示订单 C ✗ 大型机构投资者喜欢暗池，避免订单信息暴露 关联：R39: 市场组织与结构
Q14.
Which of the following financial intermediaries are most likely to provide services by finding counterparties to trades in a cost-efficient manner?
A. Brokers
B. Dealers
C. Securitizers
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答案：A
解析：经纪人（Brokers）的核心职能就是以成本效率的方式为交易寻找对手方。做市商（Dealers）自己充当对手方，证券化者（Securitizers）将资产打包成证券。
选项 判断 解析 A ✓ 经纪人帮助客户找到交易对手方 B ✗ 做市商自己充当对手方，不是寻找对手方 C ✗ 证券化者将资产打包成证券出售 关联：R39: 市场组织与结构
Q15.
Anna purchased a call option. What is the risk exposure of the underlying for Anna’s position?
A. Long position.
B. Short position.
C. Leveraged position.
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答案：A
解析：购买看涨期权（call option）的持有者对标的资产具有多头风险敞口（long position）。当标的资产价格上涨时，看涨期权持有者获利，这与做多标的资产的方向一致。
选项 判断 解析 A ✓ 买入看涨期权对标的资产是多头敞口 B ✗ 空头敞口是卖出看涨或买入看跌期权 C ✗ 杠杆头寸不是对标的资产风险敞口的描述 关联：R39: 市场组织与结构
Q16.
Adam is considering selling a call option on 2000 shares of the Tencent along with buying a put option on 2000 Tencent’s shares at the same time. If those two options have the same expiration date and exercise price, Adam’s risk exposure to the Tencent’s stock is:
A. neutral.
B. long.
C. short.
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答案：C
解析：卖出看涨期权（short call）对标的资产有空头敞口，买入看跌期权（long put）对标的资产也有空头敞口。两者结合，Adam对腾讯股票的风险敞口是空头（short）。
选项 判断 解析 A ✗ 两个头寸都是空头方向，不是中性 B ✗ 两个头寸都不是多头方向 C ✓ Short call + Long put = 空头敞口 关联：R39: 市场组织与结构
Q17.
Charlie established a leveraged position to purchase 1000 shares of Alpha Corporation at $50 per share, with leverage ratio at 2.0. One year later, Charlie sold 1000 shares of Alpha Corporation in the stock market at $60 per share. The realized return on his investment is closest to:
A. 30 percent.
B. 40 percent.
C. 20 percent.
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Q18.
Daisy trades stocks using leverage positions. The data of her most recent trade are as follows:
| Item | Value |
|---|---|
| Number of shares | 1000 |
| Purchase price per share | $16 |
| Sell price per share | $20 |
| Commission per share | $0.4 |
| Call money rate | 7% per year |
| Dividend per share | $1 |
| Investment period | 1 year |
| Initial margin requirement | 40% |
Daisy’s total holding period return for this trade is closest to:
A. 32%
B. 42%
C. 52%
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Q19.
Mike purchased stock A at the current market price of $12 per share. The initial margin requirement and maintenance margin requirement are 50% and 30%, respectively. The price which will trigger a margin call is closest to:
A. $8.57 B. $6.00 C. $9.60
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Q20.
Smith holds a long position in stock A. He does not intend to sell the stock immediately but is worried about the decrease in stock price. Which of the following order is suitable for this situation?
A. Fill-or-kill order.
B. Stop sell order.
C. Limit sell order.
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答案：B
解析：Smith持有多头但担心价格下跌，适合使用止损卖出指令（stop sell order）。当价格跌到某个水平时自动触发卖出，起到保护作用。Fill-or-kill是时效指令，限价卖出指令不能在价格下跌时自动保护。
选项 判断 解析 A ✗ Fill-or-kill是时效指令，不是保护性指令 B ✓ 止损卖出指令在价格下跌时自动触发，保护多头 C ✗ 限价卖出不能在价格下跌时提供自动保护 关联：R39: 市场组织与结构
Q21.
Paul was worried that his existing short position on 100 shares of Mide Corporation at a price of $55 per share will suffer a loss. Therefore, he reached out to an investment bank and entered a “good-till-cancelled, stop 60, limit 65 buy” order. Several days later, Mide Corporation announced positive news regarding its new products. As a result, the price of the stock rose above $60 and the order was activated. If the market was frictionless, the maximum possible loss for Paul would be:
A. $500 B. Unlimited.
C. $1,000
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答案：C
解析：Paul在$55做空100股，设置了stop 60, limit 65的买入指令。当价格超过$60时触发，最高买入价为$65。
由于限价$65，买入价不会超过$65，所以最大损失有限。
选项 判断 解析 A ✗ $500不是正确的最大损失 B ✗ 有限价保护，损失不是无限的 C ✓ 最大损失 = 100 × ($65-$55) = $1,000 关联：R39: 市场组织与结构
Q22.
A broker places some orders in the market. Which of the following does not belong to validity instructions?
A. Fill or kill order.
B. All or nothing order.
C. Stop order.
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答案：C
解析：止损指令（Stop order）属于执行指令（execution instructions），不属于时效指令（validity instructions）。Fill or kill和All or nothing都是时效指令。
选项 判断 解析 A ✗ Fill or kill属于时效指令 B ✗ All or nothing属于时效指令 C ✓ Stop order属于执行指令，不是时效指令 关联：R39: 市场组织与结构
Q23.
What can we call the orders which instruct brokers and exchanges about the arrangements of final settlement of trades?
A. Execution orders
B. Validity orders
C. Clearing orders
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答案：C
解析：清算指令（Clearing instructions）指示经纪人和交易所关于交易最终结算安排的指令。执行指令涉及如何执行交易，时效指令涉及订单有效期。
选项 判断 解析 A ✗ 执行指令关于如何执行交易 B ✗ 时效指令关于订单有效期 C ✓ 清算指令关于交易的最终结算安排 关联：R39: 市场组织与结构
Q24.
Alice Wong, CFA, is a trader at Golden Investment Company. She discusses the use of market orders and limit orders with her colleagues. She makes the following statements:
Statement 1 Market orders can be immediately executed if the counterparties are willing to take the other side of the trade. However, when the order is too large, the market order is significantly expensive to execute.
Statement 2 Limit orders are preferred when investors want to control the execution prices. However, limit orders may not execute if the limit buy price is too high, or if the limit sell price is too low.
Which of the statement is most likely correct?
A. Only Statement 1
B. Only Statement 2
C. Both Statements 1 and 2
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答案：A
解析：Statement 1正确：市价指令可以立即执行，但大额市价指令执行成本高。Statement 2部分错误：限价买入指令在价格设置过低时可能不执行（而非过高），限价卖出指令在价格设置过高时可能不执行（而非过低）。Statement 2的描述反了。
选项 判断 解析 A ✓ 仅Statement 1正确 B ✗ Statement 2中限价方向描述反了 C ✗ Statement 2不正确 关联：R39: 市场组织与结构
Q25.
Currently the best bid price and best ask price for the stock Priceline are $105 and $107 respectively. Which of the following orders is at the status of “take the market”?
A. A limit buy order placed at $105 B. A limit buy order placed at $107 C. A limit buy order placed at $106
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答案：B
解析：“Take the market”意味着限价指令的价格等于或优于当前最优对手方报价，可以立即成交。当前最佳卖价（ask）为$107，限价买入指令价格为$107时可以立即以卖价成交，即”take the market”。
选项 判断 解析 A ✗ $105等于最佳买价，属于”make the market” B ✓ $107等于最佳卖价，可以立即成交，属于”take the market” C ✗ $106在买卖价之间，属于”make a new market” 关联：R39: 市场组织与结构
Q26.
Tom tries to enter into a stock transaction of Golden Group. The limit order book he found online is given below:
| Offer Size | Limit Price ($) | Bid Size |
|---|---|---|
| 13 | 109 | |
| 26 | 108 | |
| 28 | 107 | |
| 105 | 45 | |
| 103 | 34 | |
| 102 | 21 |
Tom wants to buy 1000 share at $105 and sends a new buy limit order. The order is best described as:
A. making the market.
B. taking the market.
C. making a new market.
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答案：A
解析：当前最佳买价为$105，Tom的限价买入指令也是$105，与现有最佳买价相同，属于”making the market”（做市场）。“Taking the market”是以对手方最优价成交，“making a new market”是在买卖价差之间下单。
选项 判断 解析 A ✓ 以当前最佳买价下单属于”making the market” B ✗ “Taking the market”需要以最佳卖价成交 C ✗ “Making a new market”需要在买卖价差之间下单 关联：R39: 市场组织与结构
Q27.
Regarding the primary market, which of the following statements is least accurate?
A. Public offerings are typical transactions in the primary market
B. Investors trade with each other in the primary market
C. Transactions including rights offering and private placement are made in the primary market
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答案：B
解析：在一级市场中，投资者从发行人处购买证券，而非投资者之间相互交易。投资者之间的交易发生在二级市场。公开发行（A）、配股和私募（C）都是一级市场交易。
选项 判断 解析 A ✗ 公开发行是一级市场的典型交易 B ✓ 投资者之间交易发生在二级市场，不是一级市场 C ✗ 配股和私募是一级市场交易 关联：R39: 市场组织与结构
Q28.
A British publicly traded company, to raise funds, allows shareholders to reinvest their dividends in newly issued shares at a discount price. This is an example of a(n):
A. initial public offering.
B. dividend reinvestment plan.
C. rights offering.
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答案：B
解析：股息再投资计划（Dividend Reinvestment Plan, DRIP）允许股东将股息再投资于新发行的股份，通常以折扣价购买。这不是IPO（首次公开发行），配股（rights offering）是允许现有股东按比例购买新股的权利。
选项 判断 解析 A ✗ IPO是公司首次向公众发行股票 B ✓ 股息再投资计划允许以折扣价将股息再投资于新股 C ✗ 配股是赋予现有股东购买新股的权利 关联：R39: 市场组织与结构
Q29.
With respect to IPO, which of the following statements is most correct?
A. IPO means corporations sell securities to a small group of qualified investors.
B. The investment bank takes the risk that the entire issue will not be sold under an underwritten offering.
C. Under a best effort offering, the investment bank is obligated to buy the unsold.
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答案：B
解析：在包销发行（underwritten offering）中，投资银行承担全部发行未售出的风险。A描述的是私募（private placement）。在尽力发行（best effort offering）中，投资银行没有义务购买未售出的部分（C错误）。
选项 判断 解析 A ✗ 描述的是私募而非IPO B ✓ 包销发行中投资银行承担未售出的风险 C ✗ 尽力发行中投资银行不承担购买未售出部分的义务 关联：R39: 市场组织与结构
Q30.
Which of the following statements is incorrect regarding the primary market and secondary market?
A. Investors can trade stocks only in the primary market and options only in the secondary market.
B. Secondary market can be classified as call market and continuous market.
C. Dividend reinvestment plan and private placement are typical transactions of primary market.
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答案：A
解析：股票和期权都可以在一级市场和二级市场交易，A的说法过于绝对且错误。二级市场可分为集合竞价市场和连续交易市场（B正确）。股息再投资计划和私募是一级市场交易（C正确）。
选项 判断 解析 A ✓ 股票和期权都可在一级和二级市场交易，说法错误 B ✗ 二级市场确实分为集合竞价和连续交易市场 C ✗ 股息再投资和私募确实是一级市场交易 关联：R39: 市场组织与结构
Q31.
For large blocks of stocks, which of the following markets should be properly organized?
A. Dealer market
B. Order-driven market
C. Brokered market
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答案：C
解析：大宗股票交易适合在经纪人市场（brokered market）进行，因为经纪人可以帮助寻找有意愿的大额交易对手方。做市商市场和订单驱动市场更适合标准规模的交易。
选项 判断 解析 A ✗ 做市商市场适合标准规模交易 B ✗ 订单驱动市场不适合大宗交易 C ✓ 经纪人市场适合大宗交易，帮助匹配买卖方 关联：R39: 市场组织与结构
Q32.
In the following limit order book, there are 4 buy orders of stock Ctrip. Which order will be traded first according to the order matching rules?
| Order | Limit Price ($) | Time of Arrival | Special Instruction |
|---|---|---|---|
| 1 | 50.65 | 14:23:06 | Hidden order |
| 2 | 50.62 | 14:22:12 | |
| 3 | 50.65 | 14:24:18 | |
| 4 | 50.62 | 14:25:48 | Hidden order |
A. Order 1
B. Order 2
C. Order 3
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答案：C
解析：订单匹配规则：1）价格优先（买方出价高的优先）；2）展示优先（display优先于hidden）；3）时间优先。Order 1和3价格最高（\），但Order 1是隐藏订单，Order 3是展示订单，所以Order 3优先。
选项 判断 解析 A ✗ Order 1虽价格最高但是隐藏订单，优先级低于展示订单 B ✗ Order 2价格较低（\），不优先 C ✓ Order 3价格最高且为展示订单，按规则最先成交 关联：R39: 市场组织与结构
Q33.
Which of the following is not a characteristic of a well-functioning financial system?
A. Complete market
B. Informationally efficient market
C. Preventing insider trading
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答案：C
解析：功能完善的金融系统特征包括：完全市场（complete market）、运营效率、信息效率（informationally efficient）、配置效率。防止内幕交易是监管目标，不是功能完善市场的特征。
选项 判断 解析 A ✗ 完全市场是功能完善金融系统的特征 B ✗ 信息效率是功能完善金融系统的特征 C ✓ 防止内幕交易是监管目标，不是市场特征 关联：R39: 市场组织与结构
Q34.
Which of the following is not the characteristic of a well-functioning market?
A. Investors have various investment instruments to fulfill their expectations.
B. Costs of trading are low.
C. Prices of stocks reflect not only fundamental values but also liquidity demand for uninformed investors.
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答案：C
解析：在功能完善的市场中，价格应反映基本面价值。如果价格也反映非知情投资者的流动性需求，说明市场并非信息有效。投资工具多样化（A）和低交易成本（B）是功能完善市场的特征。
选项 判断 解析 A ✗ 多样化投资工具是功能完善市场的特征 B ✗ 低交易成本是功能完善市场的特征 C ✓ 价格反映非知情投资者的流动性需求说明市场不够有效 关联：R39: 市场组织与结构
Q35.
Which of the following statements regarding the goals of market regulation is most accurate? Regulators:
A. require investors to maintain minimum levels of capital.
B. protect unsophisticated investors.
C. require investors to meet minimum standards of competency.
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答案：B
解析：市场监管的目标包括保护不成熟的投资者（unsophisticated investors）。要求维持最低资本水平（A）是对金融机构的要求，不是对投资者。要求最低能力标准（C）也是对金融服务提供者的要求。
选项 判断 解析 A ✗ 最低资本要求针对金融机构 B ✓ 保护不成熟投资者是监管的主要目标 C ✗ 最低能力标准针对金融服务提供者 关联：R39: 市场组织与结构
Q36.
A group of financial analysts are discussing the objectives of financial market regulation. Some argue that fairness in financial market means every investor receives a minimum return and every investment opportunity attracts equal attention, while others focus on preventing unqualified financial advisors from unduly taking advantage of their clients’ trust and incurring unnecessary losses. Which of the above arguments should be considered in financial regulations?
A. Every investor receives a minimum return.
B. Every investment opportunity attracts equal attention.
C. Preventing unqualified financial advisors from unduly taking advantage of their clients’ trust.
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答案：C
解析：金融监管中”公平”的含义不是保证每个投资者获得最低回报（A），也不是每个投资机会获得同等关注（B）。真正的监管目标是防止不合格的金融顾问利用客户的信任造成不必要的损失（C）。
选项 判断 解析 A ✗ 监管不保证最低回报 B ✗ 监管不保证投资机会获得同等关注 C ✓ 防止不合格顾问利用客户信任是监管目标 关联：R39: 市场组织与结构