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Andy · 2024年07月18日

逆回购方怎么就是债券做空方了?

NO.PZ2023120801000026

问题如下:

A transaction where a hedge fund enters into a repo by taking a short position in a security with a view that its price will decline relative to the price of another security held is best described as:

选项:

A.

a reverse repo

B.

a triparty repo

C.

financing the ownership of a security

解释:

Correct Answer: A

When viewed from the perspective of the security buyer (cash lender), a repo transaction is referred to as a reverse repurchase agreement or reverse repo. B is incorrect because under a triparty repo, both parties agree to use a third-party agent for the transaction. C is incorrect because financing the ownership of a security is not the purpose undertaken by the hedge fund.

逆回购方怎么就是债券做空方了?

1 个答案

吴昊_品职助教 · 2024年07月18日

嗨,从没放弃的小努力你好:


债券做空是指投资者借入债券并立即卖出,期望在未来某个时间以更低的价格买回债券,从而获利。

逆回购方就是整个回购流程中的B同学,在t=0时刻,会从A同学处获得债券,然后B同学可以立刻将债券在市场上卖出,等到将来(t=T)以更低的价格再将债券买回,归还给A同学。

所以可以将逆回购方看成是债券做空方,taking a short position in a security。

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