问题如下：
Which of the following features is least likely a benefit of collateralization?
选项： Reduces capital requirements.
Allows for more competitive pricing of counterparty risk.
C.Reduces market, operational, and liquidity risk.
D.Reduces credit exposure.
解释：
C Collateralizing trades reduces credit exposure (credit risk) and capital requirements, and allows for more competitive pricing of counterparty risk. However, collateralization also creates other risks including market risk (negative equity leaving exposures partially or fully uncollateralized), operational risk (legal obstacles to take possession of collateral), and liquidity risk (difficulty in selling collateral at a fair market value).
为什么会有更加competitive的定价呢？
