8. Charlie Mancini, CFA, is the Managing Director for Business Development at SV Financial, (SVF), a large U.S. based mutual fund organization. Mancini has been under pressure recently to increase revenues. In order to secure business from a large hedge fund manager based in Asia, Mancini recently approved flexible terms for the fund’s client agreement. To allow for time zone differences, the agreement permits the hedge fund to trade in all of SVF’s mutual funds six hours after the close of U.S. markets. Did Mancini violate any CFA Institute Standards of Professional Conduct?
A. No.
B. Yes, with regard to Fair Dealing.
C. Yes, with regard to Fair Dealing and Material Nonpublic Information.
这道题是什么意思呢，flexible terms 怎么能体现不公平，而且Material Nonpublic在哪里？
Member亲属的账户应该trade equally as other clients’ account,
有member个人利益的账户在其中（如近亲的账户）要如何处理呢？
59. A capital lease requires annual lease payments of $2,000 at the start of each year. Fair value of the leased equipment at inception of the lease is $10,000 and the implicit interest rate is 12 percent. If the present value of the lease payments equals the fair value of the equipment at the inception of the lease, the interest expense (in $) recorded by the lessee in the second year of the lease is closest to:
A. 960.
B. 1,104.
C. 1,200.
为什么第一年不用计算利息。
我的想法是：
第一年
10，000*12%=1200 的利息，那本金就偿还了800；
第二年
9200*12%=1104的利息
96.
The following information relates to a futures contract: Initial futures price on Day 0
$100
Initial margin requirement
$5
Maintenance margin requirement
$3
Settlement price on Day 1
$103
Settlement price on Day 2
$96
Settlement price on Day 3
$98
If no funds are withdrawn and margin calls are met at the beginning of the next day, the ending margin account balance on Day 3 for an investor with a short position of 10 contracts is closest to:
A. $70.
B. $80.
C. $100.
第一题借宝地同问，嘿嘿
第二题，请注意题干中的“payments of $2,000 at the start of each year”，在年初支付，所以第二年的利息支付（在第二年初支付）为(10,000-2000)*12%=960
第三题，因为第一天后账户还有２０的保证金余额，加上后面补齐３０，及价格下跌使账户增加７０，总共１２０，楼主可能是忽略了第一天后保证金还有余额
第一题不解啊。 fair dealing 勉强解释的过去，因为对别的客户不公平，flexible terms and can trade after market close. 但是non public material 怎么体现？ trading 6 hours after market close 吗。 请教
0. 1. 2
---------------------------+-----------------------+
（100-20） Int = 80*.12
Beg of 1st Beg of 2nd
我也做错，非要理解答案的话看成 annuity begin (compare to annuity due which we normally use)
0是第一年的开始，所以第二年的int是在1坐标上。
回家翻书店看看书，确定我们平时做的int exp的题是不是都是年底给的。如果是的话这样应该没理解错。
0. 1. 2
|___________|__________|
(100-20). Int:80*12
Beg 1st. Beg 2nd
我第一次也跟楼主一样，但是如果按照annuity begin 的想法去理解（compare to annuity due we normally used), 第一年start at 0，2000 paid and no interest 因为借款才开始。第二年start at 坐标1。
回家翻翻书看看我们平时书上的例题是不是都是pay at the end。
0. 1. 2
|___________|__________|
(100-20). Int:80*12
Beg 1st. Beg 2nd
我第一次也跟楼主一样，但是如果按照annuity begin 的想法去理解（compare to annuity due we normally used), 第一年start at 0，2000 paid and no interest 因为借款才开始。第二年start at 坐标1。
回家翻翻书看看我们平时书上的例题是不是都是pay at the end。
0. 1. 2
|___________|__________|
(100-20). Int:80*12
Beg 1st. Beg 2nd
我第一次也跟楼主一样，但是如果按照annuity begin 的想法去理解（compare to annuity due we normally used), 第一年start at 0，2000 paid and no interest 因为借款才开始。第二年start at 坐标1。
回家翻翻书看看我们平时书上的例题是不是都是pay at the end。
第8题，个人觉得主要是因为the hedge fund can trade after US market close, 所以会有fail dealing和material nonpublic information的问题。
第59题，差别在2,000 pays at the beginning of the year. But,1104 is caculated based on the assumption that the 2,000 annual payment made at the end of the year. So, It is actually the same difference between the ordinary annuity and annuity due, the inerest expense must not be 1104, but be lower, choose A.
扫码加好友，拉您进群
全部版块
我的主页
收藏
