NO.PZ2020042003000017
问题如下：
Which of the following statements about the “Economic Function of Markets for Collateral” is NOT correct?
选项：
A.
When using High-quality bonds as collaterals,
the haircut and the fee charged are relatively low, thus this creates
additional demand for these high-quality bonds.
B.
Collateral markets bring
owners of securities (e.g., institutional investors and insurance companies)
into the financing markets, and they can earn extra return by lending their
securities.
C.
In the collateral market,
cash is not the asset to be borrowed and lent.
D.
The collateral market creates the ability to establish leveraged long and short positions in securities.
解释：
考点：对Economics of The Collateral Market的理解
答案：C选项描述错误，本题选C。
解析：
C选项描述错误。在Collateral
market中，Cash也可能是目标资产。
将C选项改为正确的表述为：In
collateral markets, cash is just another—and not necessarily the primary— asset
to be borrowed and lent, alongside securities of all types, hence the term
“cash collateral.”
能翻译一下D选项吗？这里的long 和short 代表什么意思呢？
