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5834Conditional on being filled on your ask, you know the trade Conditional on being filled on your ask, you know the trade was either from a noise trader (probability 0.65 given a fill) or an informed trader (probability 0.35 given a fill). If noise, the value is unchanged at your mid of 100. If informed, the value has moved against you to 100 + m for a buy, where the post-trade fair value among informed-driven fills is 103. What is the expected post-fill fair value of the asset, i.e. E[V | you got lifted]?金融与交易中等数值题未尝试面试订阅5835Two venues route flow to your quotes. Venue A flow is 5% infTwo venues route flow to your quotes. Venue A flow is 5% informed; Venue B flow is 40% informed. Both have the same value gap delta = 0.5, and informed flow costs you delta per fill while you earn half-spread s = 0.10 on all fills. You can only post on one venue. Compute expected profit per fill on each venue, and explain in one line which venue you choose and the adverse-selection reason.金融与交易中等数值题未尝试面试订阅5836A dealer quotes a single ask price A for a stock whose valueA dealer quotes a single ask price A for a stock whose value V is uniformly distributed on [40, 60]. An informed counterparty buys only when V > A (the quote is too cheap). Conditional on getting filled at ask A, what is the expected true value of the stock, and what does this imply about the loss the dealer makes on filled trades if A = 50?金融与交易困难数值题未尝试面试订阅