NO.PZ2023021601000088
问题如下：
The German firm IHK AG has entered into a three-month forward currency contract to purchase USD35 million versus euros from US firm GED Corp. to hedge a future payment obligation. The US dollar appreciates 5% in the coming three months. IHK should most likely focus on:选项：
A.market risk. B.liquidity risk. C.counterparty risk.解释：
IHK’s potential risk is settlement risk, which is a type of counterparty risk. Settlement risk deals with the settling of payments that occur just before a default. If IHK wires the euros to GED and GED then declares bankruptcy, IHK will not be able to get the money back.A is incorrect. IHK would not face market risk since the forward contract would have become more valuable during the three months.B is incorrect. Liquidity risk is the risk of a significant downward valuation adjustment when selling a financial asset and is not applicable for a contract for which the price was fixed when the contract was initiated.可以理解为美元上涨，US firm 可能会breach forward 带来的counterparty risk?
还是说因为时差而带来的settlement risk
