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Smart Money is a stock brokerage firm that specializes in buying and selling stocks on behalf of client accounts. Several brokers of Smart Money have recently been placing both a bid and an ask orders on the same security about two hours before the market opens for trading. This allows their trades to be one of the first ones made after the markets open. Just before the markets open, these brokers would then cancel one of the orders in anticipation that the market would move in favour of the other order. Which component of the Asset Manager Code of Professional Conduct has Smart Money violated?
Group of answer choices
Investment Process and Actions.
Performance and Valuation.
Loyalty to Clients.
Risk Management, Compliance, and Support.
Disclosures.
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Solved in 3 steps
- Several years ago, Prudential Securities was charged with fraud for late trading. This was the first major brokerage house to be charged with the illegal practice of buying mutual funds after hours. The regulators who accused Prudential Securities charged them with carrying out a large-scale, late-trading scheme that involved more than 1,212 trades that were valued at a remarkable $162.4 million. These trades were placed after hours in order to benefit favored hedge funds. The complaint did not contain information regarding any profits that were protected by the scandal. The regulators who accused Prudential stated that Prudential should have noticed the considerable number of trades that were being placed after 4 p.m. and should have begun an internal inquiry. However, the complaint stated that Prudential possessed “no internal supervisory procedures” to detect trades placed after hours. Market timing, often done in conjunction with late trading, involves rapid in and out…Subsequently Discovered Facts. On June 1, Sidney Faultless of A. J. Faultless & Co., CPAs, noticed some disturbing information about the firm’s client, Hopkirk Company. A story in the local paper mentioned the indictment of Tony Baker, whom Faultless knew as the assistant controller at Hopkirk. The charge was mail fraud. Faultless made discreet inquiries with the controller at Hopkirk’s headquarters and learned that Baker had been speculating in foreign currency futures. In fact, part of Baker’s work at Hopkirk involved managing the company’s foreign currency. Unfortunately, Baker had violated company policy, lost a small amount of money, and then decided to speculate some more, lost some more, and eventually lost $7 million of company funds. The mail fraud was involved in Baker’s attempt to cover his activity until he recovered the original losses. Most of the events were in process on March 1, when Faultless had signed and dated the unmodified opinion on Hopkirk’s financial…If you place an order to buy or sell a share of an open-ended mutual fund during the trading day, the order will be executed at ____________. A. the NAV at the time you place the order B. the NAV calculated at the opening of the next day's trading C. the NAV delayed 15 minutes D. the NAV calculated at the market close on the day E. the market price at the time you place the order
- If you place an order to buy or sell a share of a mutual fund during the trading day, the order will be executed at _____. Group of answer choices the real time NAV the NAV calculated at the market close at 4 pm New York time the NAV delayed 15 minutes the NAV calculated at the opening of the next day's tradingWhat comment can be made in reply to this paragraph ? The stock market experiences influence from many different outside influences. One of the biggest influences that can send stock price up or down in a hurry are the policies and laws that are voted on in Washington D.C. Recently, the federal government was at risk ofshutdown if the debt ceiling was not raised by the September 30th deadline (Kinahan,2021). All of the uncertainty has left many investors panicked and they have decided to sell, thus driving the prices lower. When the price goes down, many investors will buy the dip, a term used to describe purchasing a stock at a good value, which will in-turn drive the prices back up (Kinahan, 2021). There are many other influences that have sent the stock market into a volatile state over the last year but this is the most recent example.Which of the following hypothetical phenomena would be either consistent with or a violation of the efficient market hypothesis? Explain briefly.a. Nearly half of all professionally managed mutual funds are able to outperform the S&P 500 in a typical year.b. Money managers who outperform the market (on a risk-adjusted basis) in one year are likely to outperform the market in the following year.c. Stock prices tend to be predictably more volatile in January than in other months.d. Stock prices of companies that announce increased earnings in January tend to outperform the market in February.
- Could you please give further explanation and visualize the transaction below, step by step ,focus on the procedure, assume that you try to make the newly investor understand the process and core concept of the transaction below (the newly investor don’t understand the process to trade futures or forward contract & just have knowledge in stock trading and basic of price movement relation between underlying asset and its derivative product .) “Jewelry Company receives a jewelry order to be made in 6 months from now, it needs to use 10,000 ounces of silver to fulfill this order. “ Step 1: The jewelry company wants to secure its cost in next 6 months by long 2 silver futures contracts in the market at $33/oz. which is the price it agrees to pay at the delivery. (How the company does in open long position at this price, why the company decides to long at this?) : Assume that the contract size of silver futures is 5,000 troy-ounces per contract, and current trade price is at $33/oz.)…ICICIDirect is the first service in India to provide complete end-to-end integration for seamless electronic trading on the stock exchanges. This service will enable the user to tie- in his trading bank account and his demat account to your brokerage account electronically.This integration of brokerage ,demat and bank accounts ensures that money is transferred to/from the user bank account and the shares are transferred from/to his demat account automatically without any paperwork.ICICIDirect keeps track of the transactions ,the settlement dates, and stock exchange rules.How is the web in this case enhances the convenience of customers ?Derive the business model of ICICIDirect in this case.ICICIDirect is the first service in India to provide complete end-to-end integration forseamless electronic trading on the stock exchanges. This service will enable the user totie- in his trading bank account and his demat account to your brokerage accountelectronically. This integration of brokerage,demat and bank accounts ensures thatmoney is transferred to/from the user bank account and the shares are transferredfrom/to his demat account automatically without any paperwork.ICICIDirect keeps trackof the transactions, the settlement dates, and stock exchange rules.How is the web in this case enhances the convenience of customers? Derive the businessmodel of ICICIDirect in this case.
- Which of the following (hypothetical) observations would most contradict the proposition that the stock market is weakly efficient? Explain.a. Over 25% of mutual funds outperform the market on average.b. Insiders earn abnormal trading profits.c. Every January, the stock market earns abnormal returns.Using your iphone, you noticed that IBM was trading at a bargain price, so you decided to purchase 100 shares of stock that is traded on the New York Stock Exchange using your primary stock trading app. What kind of transaction was this? Primary market Secondary market Futures market Private PlacementSuppose you want to sell 100,000 shares of stock XYZ on their earnings announcement day. Your broker provides you some impact-driven type algos. On a normal day, the trading volume is around 500,000 for XYZ. On a typical earnings announcement day, the volume can double or treble but it always has a similar distribution of trading volume across time intervals. Which of the following statement is correct?( find the statements in the attachd picture)