NO.PZ2022071101000003
问题如下：
A risk manager is training junior risk analysts at an international bank. The manager is instructing them about the difference between repurchase agreements (repos) and reverse repurchase agreements (reverse repos), as well as the relevant market participants.
Which of the following is a correct statement for the manager to present to the class?
选项：
A.A trader who would like to short a bond could enter into a repo to borrow the bond.
B.Haircuts on collateral are typically charged to those who lend collateral in repo transactions, but margin calls are usually not made.
C.When financing a purchase of securities, financial institutions often sell the repo to avoid putting up full purchase price for the securities.
D.Money market mutual funds tend to enter into a repo to invest short-term liquid instruments.
解释：
中文解析：
C是正确的。卖出repo相当于进入一份repo协议，证券先被卖出，待合约到期后再购回。
A是错误的。逆向repo应当是融券的。
B是错误的。追保通知也是很常见的。
D是错误的。货币市场基金进入逆向repo来投资于短期证券。
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C is correct. Selling the repo is the same as entering into a repo agreement, where the security is sold and bought back later.
A is incorrect. A reverse repo should be made to borrow the bond.
B is incorrect. Margin calls are also common.
D is incorrect. Money market mutual funds enter into reverse repo agreements to invest in short-term instruments.
When financing a purchase of securities, financial institutions often sell the repo to avoid putting up full purchase price for the securities.
进入repo的一方，是为了融资去购买债券，因此他们把这个债券作为抵押物去做回购。
说白了就是，借钱买债券？实务中买债券，没足够的现金也能交割么...？没交割又如何拿去抵押..？真的好困惑啊......
而且感觉c选项后半部分描述地特别像“逆向回购”一方啊，因为他们可以折价买债券啊......
