b选项

问题如下：

The board of directors of a manufacturing company has recommended that the company implement a program to hedge some of its steel costs. A risk analyst at the manufacturer is asked to compare the use of options, futures, and forward contracts in establishing the hedges. Which of the following is a correct statement for the analyst to make?

选项：

A.

Forward contracts and futures contracts are both typically centrally cleared.

B.

Long options contracts require an up-front payment, while forward contracts do not.

C.

Option contracts are linear derivatives, while forward contracts are non-linear.

D.

Option contracts typically have daily price movement limits set by an exchange, while futures contracts do not.

解释：

B is correct. While it costs nothing to enter into a forward contract, an option has a price (known as the premium) to be paid up-front at the option contract’s outset.

A is incorrect. Forward contracts are traded in the over-the-counter market. A futures contract provides a similar payoff to a forward contract, but it is traded on an exchange.

C is incorrect. Forward contracts are linear derivatives because their payoff is linearly (one to one) related to the change in value of the underlying asset at maturity. Options are non-linear since the value of an options contract is a nonlinear function of the underlying asset price (due to changes in the option’s delta as the underlying price changes).

D is incorrect. For most contracts, exchanges set limits on how much a futures price can move in one day. The purpose of price limits is to prevent large price movements resulting from speculation. Option contracts do not set limits on price movements.