NO.PZ2018113001000066
问题如下：
Which of the following statements about speculative
volatility traders and hedgers of volatility is most incorrect?
选项：
A.If speculative volatility traders believe
that market conditions will remains stable, they often want to be net-short volatility.
Most hedgers are net-long volatility
position, because they want to buy protection from unanticipated price
volatility.
There is no differences between speculative
volatility traders and hedgers of volatility. because they're all
trading on volatility.
解释：
C is correct
中文解析：
投机性波动交易者通常希望净做空波动，如果他们相信市场状况将保持稳定。这样做的原因是，大多数期权在到期时仍然是OTM状态，期权卖方可以将期权费作为接受波动性风险的报酬。
大多数对冲者都是净多头波动，因为他们想从意料之外的价格波动中购买保护。购买保护通常意味着做多期权头寸。这可以被认为是为防止汇率波动而支付的保险费。
A
If speculative volatility traders don't believe that market conditions will remains stable, they often want to be net-short volatility.
B
Most hedgers are net-long volatility position, because they want to buy protection from anticipated price volatility.
