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椰子鸡 · 2024年02月25日

题目中没提到要更个性化的敞口。为什么选OTC?

NO.PZ2021061002000058

问题如下:

Monte is an American capital goods producer that manufactures products domestically and supplies products to customers around the world. Recently, the company signed a commercial contract with a British company. The contract stipulates that the company will deliver goods to the company in three months and will receive payment in sterling at that time.

To hedge Monte’s financial risk under the commercial contract, which of the following statements about the most appropriate derivative market is accurate?

选项:

A.

Both the ETD and OTC markets are appropriate for Monte to hedge its financial risk.

B.

The OTC market is the most suitable because of its ability to customize contracts to match the desired exposure profile.

C.

The ETD market is the most suitable because it provides a standardized contract to match the required exposure profile.

解释:

中文解析

本题考察的是场外市场与场内市场的对比。

场外市场的特点是合约可以根据客户的需求进行定制化,因此可以更好的对冲风险敞口。

而场内市场合约都是标准化的,与客户自身的需求很难完全匹配。

所以对于该公司来说选择场外市场是合适的。

假如是ET和OTC都行的话,选OTC, 那哪种题目的哪种描述,能选ET

1 个答案

pzqa35 · 2024年02月26日

嗨,爱思考的PZer你好:


这道题说M是一家美国资本货物生产商,其在国内生产产品并向全球客户供货。近期,该公司与一家英国公司签署了一份商业合同。合同规定,该公司将在三个月内向该公司交付货物,并在那时收到英镑支付。所以它未来面对的风险就是三个月后英镑贬值的风险,那么为了更好的对冲这个风险,选择OTC的产品是更合适的,因为可以定制期限、合约规模,而且我们在三级也会学到在外汇市场上,更多的是forward来对冲风险。

如果这道题的描述改成它担心对手方的交易风险、以及要求更高的流动性或者需要每日结算等符合ETD的特征,我们就可以选择ETD。这道题目的核心还是比较OTC和ETD的不同,所以根据这个点来解题即可。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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