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Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. Calaveccio places a trade with Quantco Brokerage. While Calaveccio's part of the transaction was conveyed correctly to Quantco, there was a trading error made in Calaveccio's account due to a slip up within Quantco. Calaveccio realizes that the error has taken place, and informs his contact at Quantco. Calaveccio allows Quantco to cover the error, with no cost to TrustCo. This is: A. a violation of Calaveccio's duty to his employer. B. permissible under CFA Institute Standards since some trading errors are a fact of life in the securities industry. C. a violation of Calaveccio's fiduciary duties. |