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Cooljas · 2025年03月02日

B 和D选项可以再具体解释下吗?另外,D为啥不是不变?

NO.PZ2023091802000018

问题如下:

Consider four different futures market transactions between a buyer and a seller:

I. Both buyer and seller are each taking on a new position (long and short, respectively).

II. Buyer (seller) is taking on a new position, but seller (buyer) is offsetting an existing long (short) position.

III. Both buyer and seller are offsetting existing positions.

IV. An existing short makes delivery to an existing long.

Which of the above causes a decrease in the open interest?

选项:

A.

None of the above decrease the open interest.

B.

II and IV decrease the open interest.

C.

III and IV decrease the open interest.

D.

All of the above decrease the open interest.

解释:

Both buyer and seller are each taking on a new position (long and short, respectively): open interest increases + 1.

Buyer (seller) is taking on a new position, but seller (buyer) is offsetting an existing long (short) position: no change in open interest.

Both buyer and seller are offsetting existing positions: open interest decrease -1.

An existing short makes delivery to an existing long: open interest decrease -1.



1 个答案

李坏_品职助教 · 2025年03月02日

嗨,努力学习的PZer你好:


open interest可以看做是新增加的期货合约。如果open interest 为负数,表示市场上少了一份期货合约。


II: 买方开新的仓位,但是开的新仓位的效果被卖方平仓给抵消了。

买方开新仓,open interest + 1, 卖方平掉了自己的仓位,那就-1,所以最后抵消了,open interest效果是0.


IV: 当前已有的空头(卖方)把货物交割给多头(买方),这个就意味着有一笔期货交易到期结束了,所以open interest - 1.


B选项说II会导致open interest 下降,这个错误,II最终的效果是0.

D选项说所有的都会导致open interest下降,这也不对,刚分析过II最终的效果是0,不是下降。

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