问题如下:
The derivative markets tend to:
选项:
A.transfer liquidity from the broader financial markets.
B.not reflect fundamental value after it is restored in the underlying market.
C.offer a less costly way to exploit mispricing in comparison to other free and competitive financial markets.
解释:
C is correct. When prices deviate from fundamental values, derivative markets offer a less costly way to exploit mispricing in comparison to other free and competitive financial markets. A is incorrect because derivative markets tend to transfer liquidity to (not from) the broader financial markets, because investors are far more willing to trade if they can more easily manage their risk, trade at lower cost and with less capital, and go short more easily. An increased willingness to trade leads to a more liquid market. B is incorrect because it is likely (not unlikely) that fundamental value will be reflected in the derivative markets both before and after it is restored in the underlying market owing to lower capital requirements and transaction costs in the derivative markets.
能把三个选项都解释一下吗?