中央清算 不是日结吗

NO.PZ2021061002000050 问题如下 QWR is a financiintermeary active inboth futures anforwarmarkets. QWR’s clients usually use OTC forwarransactions thQWR must clewith a centrcounterparty. Whiof thefollowing is most accurate about the impaon QWR from clearing thesepositions? A.If QWR’s counterparties enter long forwarontracts whose prices are positively correlatewith interest rates, QWR willhave to post more collaterto centrcounterparties thfor otherwisesimilfutures contracts. B.If QWR’s counterparties enter short forwarontracts whose prices are negatively correlatewith interest rates, QWR willhave to post less collaterto centrcounterparties thfor otherwisesimilfutures contracts. C.SinQWR is requireto post collateral(cash or highly liquisecurities) to the centrcounterparty to cleitsclient forwartransactions, QWR will fasimilmargining requirements tothose of stanrzeexchange-trafutures markets. 中文解析由于远期合约只在到期的时候结算，而在合约期间产生的loss或者gain都不会立即实现，因此并不会影响QWR向中央交易对手提供抵押品的多少，所以A和B错误。C说由于QWR被要求向中央交易对手提供抵押品(现金或高流动性证券)以清算其客户远期交易，因此QWR将面临与标准化交易所交易期货市场类似的保证金要求。此表述正确。 If QWR’s counterparties enter long forwarcontracts whose prices are positively correlatewith interest rates, QWR will have to post more collaterto centrcounterparties thfor otherwise similfutures contracts.老师好，我觉得这句话是对的？对手方的forwar格随着利率上升而上升（正相关性）。如果是按日交割，那么随着forwar价格上升（基数变大），保障金不是也变大了么？谢谢！

NO.PZ2021061002000050 问题如下 QWR is a financiintermeary active inboth futures anforwarmarkets. QWR’s clients usually use OTC forwarransactions thQWR must clewith a centrcounterparty. Whiof thefollowing is most accurate about the impaon QWR from clearing thesepositions? A.If QWR’s counterparties enter long forwarontracts whose prices are positively correlatewith interest rates, QWR willhave to post more collaterto centrcounterparties thfor otherwisesimilfutures contracts. B.If QWR’s counterparties enter short forwarontracts whose prices are negatively correlatewith interest rates, QWR willhave to post less collaterto centrcounterparties thfor otherwisesimilfutures contracts. C.SinQWR is requireto post collateral(cash or highly liquisecurities) to the centrcounterparty to cleitsclient forwartransactions, QWR will fasimilmargining requirements tothose of stanrzeexchange-trafutures markets. 中文解析由于远期合约只在到期的时候结算，而在合约期间产生的loss或者gain都不会立即实现，因此并不会影响QWR向中央交易对手提供抵押品的多少，所以A和B错误。C说由于QWR被要求向中央交易对手提供抵押品(现金或高流动性证券)以清算其客户远期交易，因此QWR将面临与标准化交易所交易期货市场类似的保证金要求。此表述正确。 你说A和B错误，是远期合约不需要抵押物，那你又说C中央清算远期合约需要抵押品，这不是矛盾么

NO.PZ2021061002000050 问题如下 QWR is a financiintermeary active inboth futures anforwarmarkets. QWR’s clients usually use OTC forwarransactions thQWR must clewith a centrcounterparty. Whiof thefollowing is most accurate about the impaon QWR from clearing thesepositions? A.If QWR’s counterparties enter long forwarontracts whose prices are positively correlatewith interest rates, QWR willhave to post more collaterto centrcounterparties thfor otherwisesimilfutures contracts. B.If QWR’s counterparties enter short forwarontracts whose prices are negatively correlatewith interest rates, QWR willhave to post less collaterto centrcounterparties thfor otherwisesimilfutures contracts. C.SinQWR is requireto post collateral(cash or highly liquisecurities) to the centrcounterparty to cleitsclient forwartransactions, QWR will fasimilmargining requirements tothose of stanrzeexchange-trafutures markets. 中文解析由于远期合约只在到期的时候结算，而在合约期间产生的loss或者gain都不会立即实现，因此并不会影响QWR向中央交易对手提供抵押品的多少，所以A和B错误。C说由于QWR被要求向中央交易对手提供抵押品(现金或高流动性证券)以清算其客户远期交易，因此QWR将面临与标准化交易所交易期货市场类似的保证金要求。此表述正确。 RT