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Mohawk Asset Management buys on-the-run Treasuries at auction for its standard fee accounts. When these move off-the-run, they are placed in performance-based accounts via in-house cross-trades at prevailing market prices, and replaced in the standard fee accounts with new on-the-run issues. Which standard is violated, if any? A. The Standard concerning Priority of Transactions. B. The Standard concerning Fiduciary Duty. C. No Standard is violated. |