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梦梦 · 2025年03月07日

D为什么错

NO.PZ2024050101000110

问题如下:

There are a number of challenges for clearing over-the-counter (OTC) derivative products through a centralized counterparty (CCP). Which of the following statements best summarizes the key challenges f or central clearing of OTC derivative products?

选项:

A.

Jurisdictional fragmentation, increased counterparty risk, less transparency, and standardization.

B.

Product complexity, illiquid products, presence of wrong-way risk, and lack of standardization

C.

Illiquid products, jurisdictional fragmentation, presence of wrong-way risk, and legal concerns

D.

Lack of standardization, increased counterparty risk, increased dependency risk, and less transparency

解释:

Lack of standardized products, complexity, illiquid products, and presence of wrong-way risk are characteristics of OTC derivative products that make CCP clearing challenging. OTC derivative products need to be standardized before they can be cleared through a CCP. More complex and illiquid derivative products are problematic for CCPs because their unique features make them difficult to value. Products with wrong-way risk are also more complex and create additional concerns for the added risk to CCPs in the event of default.

老师,即使是OTC市场引入CCP,不是要先做到标准化,以提高流动性吗?

1 个答案

pzqa27 · 2025年03月07日

嗨,努力学习的PZer你好:


这里主要是D不如B好, less transparency并不是CCP对OTC产品进行清算的最大挑战之一,相比于B描述的4个问题,D选项这4个反而严重程度比较小。

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努力的时光都是限量版,加油!

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