Fill in the Blank: __________________ is an alternative trading system (ATS) founded by a consortium of the largest asset managers in the United States.

		a. Crossfinder
		b. IEX
		c. Instinct X
		d. Luminex
		e. Sigma X

Which of the following about high frequency traders (HFTs) is TRUE?

		a. All HFTs are Obligated to Trade in Volatile Markets
		b. HFTs Cancel the Vast Majority of Orders they Submit to the Marketplace
		c. HFTs do not Earn Rebates from Exchanges from Liquidity Provision
		d. HFTs Represent a Very Small Portion of Trading Volume
		e. HFTs Submit Orders with Long Duration

Company A and Company B each produce an identical investment product consisting of rapidly growing public firm stocks. That is, the products contain exactly the same holdings and this is confirmed by your due diligence. Company A markets their product as Growth Fund while Company B markets theirs as High Volatility Fund. Despite slightly higher fees for Company A s Growth Fund, your boss tells you to allocate client capital to the Growth Fund over the High Volatility Fund. This bias is an example of:

		a. Forecasting Error
		b. Framing
		c. Overconfidence
		d. Representativeness
		e. Technical Analysis

Which of the following is an explicit transaction cost?

		a. Market Impact
		b. Opportunity Cost
		c. Price Trend
		d. Spreads
		e. Taxes

Which of the following U.S. regulations aims to prohibit depository institutions from engaging in proprietary trading and having certain relations with hedge funds and private equity funds?

		a. Brady Bill
		b. MiFID
		c. Regulation NMS
		d. Regulation SHO
		e. Volcker Rule