NO.PZ2018062007000008
问题如下：
Which of the following forward commitments are exposed to default risk?
选项：
A.options and futures.
B.currency swaps and futures.
C.plain vanilla swaps and forwards.
解释：
C is correct.
Classified by trading place, forwards and swaps are over-the-counter contracts and thus they are exposed to default risk. Futures are exchange-traded contracts backed by clearinghouse against default risk, A and B are incorrect. Options can be traded both ways, they have the possibility to be over-the-counter contracts or exchange-traded contracts.
forward commitments 不包括option，A选项不对。
futures是场内衍生品，几乎不存在违约风险，B不对。
C选项中两种衍生品都是OTC合约，有违约风险，且都是forward commitments。所以选C。
