And observe that the transaction strategy is spread throughout the layers below the client, but not completely.

并且事务策略遍布于客户机下面的层中，但这不是绝对的。

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In chapter two, three economic meanings of bid-ask spread are analyzed. They are transaction cost, inventory cost and information cost.

第二章分析了买卖价差的三个经济意义，即交易成本、存量成本和信息成本。

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Buying and selling a part results in 3% transaction fee, so any spread achieved above 3% will result in direct profit (before tax).

买入和卖出一份贷款部分会带来3%的交易费，所以任何波动超过3%的交易都会带来直接的利润(税前)。

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And, in a sign of the times, Husky International waded into the market on July 30 to reprice its covenant-lite loan (the plastics company originally tested the market for a lower spread in May before shelving the transaction amid deteriorating market conditions).

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The investor behind the transaction may be implementing the spread to hedge a long position in ADS shares, or may be establishing an outright bearish stance on the stock.

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Like all brokerage fees, the APT tax establishes a spread between the buy and sell price of every transaction.

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