NO.PZ2023041003000002
问题如下：
Vladimir Kozorez is chief
investment officer of MegaArb Associates (MAA), makes the following comments
regarding arbitrage using derivative contracts.
Comment 1 A forward
commitment is a derivative instrument in the form of a contract that provides
the ability to lock in a price or rate at which one can buy or sell the
underlying instrument at some future date or exchange an agreed- on amount of
money on a series of dates.
Comment 2 There is a
difference between the pricing and the valuation of forward commitments.
Pricing involves determining the appropriate forward commitment price or rate,
typically after it has been initiated. Valuation involves determining the
appropriate rate of the forward commitment when initiating the contract.
Comment 3 The two
fundamental rules of arbitrage are that one do not use any of one’s own money
in a transaction and one do not take any price risk.
Which of the comments
made by Kozorez regarding arbitrage is least likely correct?
选项：
A. Comment 1
Comment 2
Comment 3
解释：
Comment 2 is
incorrect. There is a difference between the pricing and the valuation of
forward commitments. Pricing involves determining the appropriate forward
commitment price or rate when initiating the forward commitment contract.
Valuation involves determining the appropriate value of the forward commitment,
typically after it has been initiated. Note that in the vignette, the timing of
both the pricing and valuation has been reversed.
Note that in the vignette, the timing of both the pricing and valuation has been reversed.这句话是什么意思
