Steve Waters, a CFA Level I candidate, has decided to enter into a long position of Farmco stock. Since Farmco is thinly traded, Waters is concerned the order will overwhelm the liquidity of Farmco and the price will surge. Waters engages in a series of block trades in order to accomplish the purchase. According to Standard Ⅱ (B) , Market Manipulation, Waters has engaged in:（）
A. neither transaction - based manipulation nor information - based manipulation.
B. transaction - based manipulation, but not information - based manipulation.
C. both transaction - based manipulation and information - based manipulation.
参考答案：A
解析：
Waters is not in violation of Standard Ⅱ (B) , Market Manipulation. Transaction - based manipulation includes, but is not limited to, transactions that artificially distort prices or volume. Information - based manipulation includes, but is not limited to, spreading false rumors about a firm in order to induce others to trade.