题目里说b是callablebond,为什么其OAS比z-spread小？按道理来说，callablebond比普通bond应该更便宜，折现率应该更高，OAS应该更大？

Eighteen months later, the compliance officer resigns. Rather than hire an external replacement, management designates one of Twain's senior portfolio managers as the new compliance officer. The compliance officer reviews both firm and employee transactions and reports to the CEO rather than to the board of directors. 老师，百题case里这段话，答案认为违反了AMC，理由是合规官独立性受影响。具体到材料看，是不是“the compliance officer reviews both firm and employee transanctions”这里错了？因为report方面没有错；另外，根据AMC规则，designate an existing employee to serve as the compliance officer也是可以的。所以除了review both firm and employee transactions，其他没有错误的地方了吧？

老师，我的理解是100000*0.65/0.55，麻烦解答一下我，谢谢

老师，R13中的repo carry trade 是怎么操作的，可以介绍下么？基础班没讲清楚，我画的这个图感觉不太对

Q31， 请问什么时候会选“narrow discretionary band for currency exposures.”？ 我在这个和active currency management之间老选错

Q30， 请问“Due to recent monetary tightening by the Riksbank (the Swedish central bank) forward points for the SEK/EUR rate have swung to a premium. ” SEK/EUR fwd rate为什么会是Premium而不是discount？ Excerpt From 2022 CFA Program Level III Volume 2 Derivatives, Currency Management, and Fixed Income CFA Institute This material may be protected by copyright.

为什么如果NZD相对USD有一个positive cross currency basis则应该借入NZD换成美元投资呢

后面三个请详解 多谢

第2题，没能理解capitalcall不是未来往账户里打钱吗，怎么是这个fund的liability

这个conditional 不太理解。这个感觉答案也没说什么啊