Oscar Moon is an employee at a credit ratings agency,and has created a computer model for valuation of complex asset backed securitized products.The scenarios that Moon uses as the inputs for the model ignore any negative situations of deteriorating credit conditions,increasing rate and falling asset prices.Due to the higher ratings that this model achieves,his valuation model becomes popular with his firm,who are keen to issue positive ratings for structured products in order to win business.Moon’s firm compensates him based on the amount of structured products business the firm wins.Moon has

 

　　A.Violated Standard II(A)Market Manipulation

 

　　B.Not violated Standard II(A)Market Manipulation since the scenarios used in the model accurately represent his views

 

　　C.Not violated Standard II(A)Market Manipulation since the Standard only relates to market transactions and publicly disseminated information

 

　　【Answer:A】

 

　　考点解析

 

　　Oscar是一家评级机构的职员，他为资产支持证券化产品的估值创建了一个计算机模型。Oscar用作模型输入的情形忽略了任何降低信用条件，提高利率和降低资产价格的消极情境。由于这个模型使得被评级的证券化产品获得了更高的评级，他的模型在公司大受欢迎，并且为公司带来了更多的生意。Oscar获得了公司给予他的基于带来的证券化产品评级生意的报酬。

 

　　根据Standard II(A)Market Manipulation(市场操纵)，操纵输入模型的信息以获得短期利益是禁止的。

 

　　笔记

 

　　Market Manipulation（市场操纵）

 

　　会员和考生不得参与以误导市场参与者为目的的扭曲股价和人为放大交易量的行为。

 

　　考点一：传播错误的谣言误导他人属于基于信息的市场操纵，违反了该准则

 

　　考点二：以欺骗市场为目的的、以扭曲金融工具价格设置机制为手段或者取得控制权操纵一个相关的衍生品或者标的资产本身价值的交易也违反该准则

 

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