请问老师

问题如下：

The clearing and settlement process of an exchange-traded derivatives market:

选项：

A.

provides a credit guarantee.

B.

provides transparency and flexibility.

C.

takes longer than that of most securities exchanges.

解释：

A is correct. The clearing and settlement process of derivative transactions provides a credit guarantee.

B is incorrect because although the exchange markets are said to have transparency, they also involve standardization. That entails a loss of flexibility, with participants limited to only those transactions permitted on the exchange.

C is incorrect because derivatives exchanges clear and settle all contracts overnight, which is faster than most securities exchanges, which require two business days.