NO.PZ201601050100000301
问题如下：
1. For Subscriber 1, the most significant factor to consider would be:
选项：
A.margin requirements.
B.transaction costs of using futures contracts.
C.different quoting conventions for future contracts.
解释：
A is correct.
Exchange-traded futures contract not only have initial margin requirements, they also have daily mark-to-market and, as a result, can be subject to daily margin calls. Market participants must have sufficient liquidity to meet margin calls, or have their positions involuntarily liquidated by their brokers. Note that the risk of daily margin calls is not a feature of most forwards contracts; nor is initial margin. (However, this is changing among the largest institutional players in FX markets as many forward contracts now come with what are known as Collateral Support Annexes—CSAs—in which margin can be posted. Posting additional margin would typically not be a daily event, however, except in the case of extreme market moves.)
B is incorrect because futures contracts have low transactions costs. C is incorrect because whether the EUR is the price or the base currency in the quote will not affect the hedging process. In fact, on the CME the quote would be the market-standard USD/EUR quote, with the EUR as the base currency.
选项C是啥意思？
