如下

NO.PZ2023032703000040 问题如下 Robinson also consirs the use of rivatives to manage interest rate risk. This woula new strategy for Baysi. Robinson termines the number of bonfutures neeto immunize the overall interest rate risk exposure of the company. The basis point value (BPV) for the asset portfolio is 96,000, while the liability portfolio ha BPV of 44,000. To facilitate her analysis, Robinson compiles the aitioninformation relateto bonfutures shown in Exhibit 1.The number of five-yenote futures contracts requireto solin orr to rebalanthe immunizing portfolio is closest to (2020 moPM): A.529 contracts. B.969 contracts. C.1101 contracts. With rivative overlstrategies, in orr to calculate the number of contracts nee the futures BPV must austeto reflethe conversion factor:Futures BPV = Note BPV / Conversion Factor47.22/0.88 = 53.66Number of contracts = (Asset BPV – Liability BPV) / Futures BPV(96,000 – 44,000)/53.66 = 969 老师好，我理解这里计算出来的Nf是标准报价futures的份数，为什么不直接计算实际用来做rivatives overlay的份数？是因为报价习惯的原因吗？谢谢！

NO.PZ2023032703000040 问题如下 Robinson also consirs the use of rivatives to manage interest rate risk. This woula new strategy for Baysi. Robinson termines the number of bonfutures neeto immunize the overall interest rate risk exposure of the company. The basis point value (BPV) for the asset portfolio is 96,000, while the liability portfolio ha BPV of 44,000. To facilitate her analysis, Robinson compiles the aitioninformation relateto bonfutures shown in Exhibit 1.The number of five-yenote futures contracts requireto solin orr to rebalanthe immunizing portfolio is closest to (2020 moPM): A.529 contracts. B.969 contracts. C.1101 contracts. With rivative overlstrategies, in orr to calculate the number of contracts nee the futures BPV must austeto reflethe conversion factor:Futures BPV = Note BPV / Conversion Factor47.22/0.88 = 53.66Number of contracts = (Asset BPV – Liability BPV) / Futures BPV(96,000 – 44,000)/53.66 = 969 一直很难区分哪个是ct哪个是futures，请老师讲解一下，谢谢。