NO.PZ2016031201000009
问题如下：
Which of the following derivatives is least likely to have a value of zero at initiation of the contract?
选项：
A. Futures
B. Options
C. Forwards
解释：
B is correct.
The buyer of the option pays the option premium to the seller of the option at the initiation of the contract. The option premium represents the value of the option, whereas futures and forwards have a value of zero at the initiation of the contract.
A is incorrect because no money changes hands between parties at the initiation of the futures contract, thus the value of the futures contract is zero at initiation. C is incorrect because no money changes hands between parties at the initiation of the forward contract, thus the value of the forward contract is zero at initiation.
中文解析：
期权的买方在合同开始时向期权的卖方支付期权溢价。期权溢价代表期权的价值，而期货和远期在合约开始时的价值为零。所以B正确。
A、C不正确，因为在期货合约以及远期合约在初始时没有资金在交易双方之间易手，只是签订了一个合约，因此期货合约初始时的价值为零。
合同开始时，除了买方支付溢价，买方或卖方还需要支付保证金吗？另外是否跟trading place相关，交易所交易和OTC都需要交保证金吗？
