C是咋理解

问题如下：

Which of the following statements best describes why Montau AG should consider a derivative rather than a spot market transaction to manage the financial risk of this commercial contract?

选项：

A.Montau AG is selling a machine at a contract price in KRW and incurs costs based in EUR. B.Montau AG faces a 75-day timing difference between the commercial contract date and the delivery date when Montau AG is paid for the machine in KRW. C.Montau AG is unable to sell KRW today in order to offset the contract price of machinery delivered to Jeon Inc.

解释：

Solution

B is correct.

A 75-day timing difference exists between the commercial contract date and the delivery date when Montau AG is paid for the machine in KRW. A is true but does not explain why the use of a derivative is preferable to a spot market transaction. If as in C Montau were to sell the KRW it receives and buy EUR in a spot market transaction on the delivery date, it would be exposed to unfavorable changes in the KRW/EUR exchange rate over the 75-day period. A derivative contract in which the underlying KRW/EUR forward rate is agreed today and exchanged on the delivery date allows Montau to hedge or offset the EUR value of the future KRW payment. The derivative is therefore a more suitable contract to address the financial risk of the commercial transaction than a spot market sale of KRW.

中文解析：

本题问的是以下哪一项陈述最好地说明了为什么Montau AG应该考虑衍生品而不是现货市场交易来管理该商业合同的财务风险。

A选项：Montau AG以合同价格以韩元出售一台机器，产生的成本以欧元计算。这句话本身是没有问题的，但是无法解释为什么要使用衍生品而不是在现货市场交易。

B选项：由于Montau AG签订合同的时间距离商品交付的时间之间有75天的时间差，因此该公司将面临着韩元/欧元汇率的不利变化，这也就是风险点。

所以如果可以使用衍生品合约，现在就锁定韩元/欧元的汇率，并按照此汇率在交割日进行交换，那么Montau就能够对冲或抵消未来由于汇率不利变动带来的影响。基于此，我们说使用衍生品比在现货市场交易更合适。选B。