NO.PZ2018062007000013
问题如下：
which of the following is destablizing consequence that speculators bring to the derivatives market?
选项：
A.default by speculators and their creditors increases, which may lead to systemic risk.
B.Creation of trading strategies may lead to asymmetric profit and loss.
C.Fluctuations in market price due to arbitrage activities
解释：
A is correct.
Due to the lower capital requirement and ease of going short, the speculators use large amounts of leverage, they may face large losses if markets move to the opposite direction. Therefore speculators may default to their creditors, and so on, which bring instabilty to market.
B is incorrect because asymetric profit and loss is not a destabilizing consequence.
C is incorrect because arbitrage activities would push up the lower price and push down the higher price until they converged.
本题考察投机者对衍生品市场的负面作用
A选项：衍生品高杠杆的特性导致如果投机者亏损过大很容易产生违约，从而引发市场的不稳定
B选项：对称的收益和损失对市场并不是一个负面的影响
C选项：套利活动导致的市场价格波动更有利于价格发现，而不是负面影响。
请问系统性风险包括哪些？
