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cenwandada · 2024年04月19日

这个知识点啥意思啊

NO.PZ2023091802000017

问题如下:

Client A buy one July wheat contract from Client B. On the same day,client B buy the same wheat contract from Client C. Assuming open intereststarted out at Zero, and no delivered were made, what is the addition to openinterest for July wheat contracts?

选项:

A.

0

B.

1

C.

2

D.

3

解释:

Open interest includes contracts not yet liquidated either by anoffsetting futures market transaction or delivery. When Client A buys onecontract from Client B, the current open interest is one, assuming neitherparty started with a position in that contract. When Client B buys the samecontract from Client C, Client B closes out their short transaction with anoffsetting long transaction. The open interest would not change because ClientC would simply take the place of Client B. Client A would still be long onecontract, and now Client C would be short one contract. Thus, open interestwould be one.

这个知识点啥意思啊

1 个答案

李坏_品职助教 · 2024年04月19日

嗨,努力学习的PZer你好:


题目考查的是open interest的概念:

open interest指的是当前市场上存在多少多头仓位(Long position)(或者也可以按空头仓位的数量作为open interest)。


题目告诉我们:

  1. A从B那里买入1份小麦的合约:A是持有1份long position,B持有1份short position。
  2. 然后B又从C那里买入同样的1份小麦合约:B持有1份long position,C持有1份short position。


我们把这两个条件联合起来看,B相当于1份Long,1份short,抵消了。所以最后的效果就是A有1份Long position,C有1份short position,所以open interest等于1,选B。

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