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沉睡宝宝鸭 · 2024年10月07日

麻烦解释一下 b 和c

NO.PZ2024050101000060

问题如下:

Compare to the special purpose vehicle (SPV), the derivative product company (DPC) and the monoline insurance models, Which of the following statements is an enhancement offered by the central counterparty (CCP)?

选项:

A.

enables financial institutions to remove assets from their balance sheets

B.

enables counterparty risk to be outsourced, but in a non-diversified format

C.

spreads losses over a group of counterparties to minimize potential systemic risk

D.

provides external counterparties with a degree of protection against counter-party risk by protecting against the failure of the parent

解释:

Through the collateralization and loss mutualization processes, a CCP spreads losses over a group of counterparties—and, in the process, reduces potential systemic risk. SPVs and DPCs are entities that remove assets from a financial institution’s balance sheet. Monolines enable counterparty risk outsourcing in a non-diversified format. In the event that a member fails in the CCP structure, all other member firms are impacted through loss mutualization. The DPC structure provides external counterparties with a degree of protection against counter-party risk by protecting against the failure of the DPC parent.

ruti...............

1 个答案

pzqa27 · 2024年10月08日

嗨,从没放弃的小努力你好:


"Enables counterparty risk to be outsourced, but in a non-diversified format" 这个描述与 monoline insurance model 更相关。

  • Monoline insurance companies 主要是通过向某些金融产品(例如债券)提供保险的方式,使得这些产品的发行者可以将违约风险转移给保险公司。然而,monoline 保险公司通常只专注于特定的金融领域或类型的资产,这就意味着风险被转移给了一家保险公司,而不是多个不同的对手方,因此这种风险转移方式并不多样化,风险集中在单一保险公司。如果这家 monoline 保险公司本身出现问题,所有被它担保的资产可能都会受到影响,这就是所谓的“non-diversified format”(非多样化的形式)。

"Spreads losses over a group of counterparties to minimize potential systemic risk" 这个描述与 central counterparty (CCP) 结构相关。

  • CCP(中央对手方)的一个关键特性是它能够通过保证金制度和损失分摊机制来降低系统性风险。当交易的一方出现违约时,CCP 会通过收取的保证金和其他会员的出资来弥补损失,而不是将所有风险集中在个别参与者身上。这样,损失可以在多个成员之间分摊,从而减少单一违约对整个金融体系的影响,降低了系统性风险。这种分散化和共同承担的机制有助于维护金融市场的稳定。

B 选项(non-diversified format)描述的是 monoline 模型,它将对手方风险转移给单一保险公司,导致风险集中。

C 选项(spreads losses over a group of counterparties)描述的是 CCP ,它通过分散对手方风险,减少单一违约对系统的影响。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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