老师请问，market manipulation 里的information based 和 misrepresentation的区别在哪里呢

”可以向机构客户提供月度业绩但是对个人客户只提供季度业“，请问这样肯定影响公平吧？比如机构客户就有可能提前预测业绩从而卖出或者买入了呀，这样的信息不对称怎么可能仅仅是差异化服务呢？如果这样也行，那那些投资研究结果岂不是也可以先发给机构投资者里了

CFA 网站上有道题目，我不是很理解选项B,C错在哪里。Calzada asks for recommendations on option strategies to implement if the market is expected to trade in a narrow range in the near term. Dufu responds, “The appropriate strategy in this scenario depends on your expectations for changes in implied volatility. If you expect a decrease in implied volatility, then you should write a straddle on the stock index. If your expectation is for implied volatility to increase, then you should enter a short risk reversal trade on the stock index. If your view is that implied volatility will remain unchanged, then you should buy call options and write put options on the stock index.” Question In her response to Calzada, Dufu is most likely correct about: a writing a straddle. b short risk reversal trade. c buying calls and writing puts.

可以具体讲一下spread duration吗，我实在不太懂，到底是针对什么的，为什么投资级的要用它。

Ⅲe，保密原则：1.在法律无相关规定时，协会自己的规定是默认保密客户信息的是吧？ 2.客户违法是指已经确认违法还是说有只是违法嫌疑时，在无其他规定时就可以向警方披露？ 3.若法律规定只能向警方披露客户信息时，是不是不管什么情况就都不可以向协会提供信息了？

可以详细讲解一下这道题吗，什么又是credit migration,既然都不敏感了，为啥还有credit spread volatility

老师，帮忙讲一下这个呢？女生不是活更长，不是更多吗

Reading 13 practice 13: I chose A as the yield curve steepening should trigger selling longer term dated bonds and buy shorter term dated bonds. 能不能解释一下A和C选项？ 答案没看懂。 sell 30year receiver swaption不是等于purchase 30 year payer swaption?

Reading 13 practice question 9: about choice B, why fixed rate would exceed MRR?

请教一下253页这道问题，既然spread改变的情况下，四只债券的超额收益都变负了，为何不全部做空这四只债券？