NO.PZ2023103101000035
问题如下：
Q. Which of the following characteristics is not a benefit of derivative instruments (compared to ownership of the physical commodity) as a means of gaining commodity exposure?选项：
A.Price transparency B.Non-cash benefits C.Liquidity解释：
B is correct. Non-cash benefits refer to the convenience yield, which causes a preference for owning the physical commodity rather than a derivative contract. A is incorrect in that derivatives provide price transparency while the market for physical commodities is much less transparent. C is incorrect in that the more frequent trading of derivatives on organized exchanges enhances liquidity while physical commodity markets are characterized by infrequent trading and thus poor liquidity.
请解释一下这道题
