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标题: Reading 52: Organization and Functioning of Securities Ma [打印本页]

作者: mayanfang1 时间: 2009-1-22 11:36 标题: [2009] Session 13 - Reading 52: Organization and Functioning of Securities Ma

Q1. Which of the following statements about securities exchanges is FALSE?

A) In call markets, there is only one negotiated price set to clear the market for a given stock.

B) In continuous markets, prices are set only by the auction process.

C) Securities exchanges may be structured as call markets or continuous markets.

Q2. Which of the following statements about securities exchanges is least accurate?

A) A stock with a relatively large market volume is most likely to trade in the continuous market.

B) A call market is an open-outcry market where bids are called out in a trading pit.

C) The price in continuous markets is set by either the auction process or by dealer bid-ask quotes.

Q3. Which of the following statements about securities exchanges is most accurate?

A) Continuous markets are markets where trades occur 24 hours per day.

B) Call markets are markets in which the stock is only traded at specific times.

C) Setting a negotiated price to clear the market is a method used to set the closing price in major continuous markets.

作者: mayanfang1 时间: 2009-1-22 11:36

答案和详解如下：

Q1. Which of the following statements about securities exchanges is FALSE?

A) In call markets, there is only one negotiated price set to clear the market for a given stock.

B) In continuous markets, prices are set only by the auction process.

C) Securities exchanges may be structured as call markets or continuous markets.

Correct answer is B)

In continuous markets, the price is set by either the auction process or by dealer bid-ask quotes.

Q2. Which of the following statements about securities exchanges is least accurate?

A) A stock with a relatively large market volume is most likely to trade in the continuous market.

B) A call market is an open-outcry market where bids are called out in a trading pit.

C) The price in continuous markets is set by either the auction process or by dealer bid-ask quotes.

Correct answer is B)

A call market is a market where a security is only traded at specific times.

Q3. Which of the following statements about securities exchanges is most accurate?

A) Continuous markets are markets where trades occur 24 hours per day.

B) Call markets are markets in which the stock is only traded at specific times.

C) Setting a negotiated price to clear the market is a method used to set the closing price in major continuous markets.

Correct answer is B)

Continuous markets are markets where trades occur at any time the market is open (i.e. they do not need to be open 24 hours per day). Setting one negotiated price is a method used in major continuous markets to set the opening price.

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