开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

zkii · 2022年03月03日

答案中为什么说B的cost很少?

* 问题详情,请 查看题干

NO.PZ201601050100000301

问题如下:

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 AnnexesCSAsin 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.

中文解析:

根据题干信息可知,subscriber 1是一个法国人,现在持有外币美元资产,想使用期货合约(futures)来保护自己的外币资产头寸。

使用期货合约来进行外汇管理的时候,最需要考虑的是保证金的问题,因为期货合约是每日盯市每日结算的,一旦保证金不足,就有可能被强制平仓掉。所以A选项是正确的。

B选项提及的交易成本问题并不是期货合约需要考虑的,期货合约是场内交易的标准化合约,交易成本很低。

C选项提及的报价形式更不是我们使用期货合约需要考虑的问题,属于凑选项的。

rt

2 个答案

Hertz_品职助教 · 2022年03月04日

嗨,努力学习的PZer你好:


同学你好

本题考察的点其实就是说使用期货合约,最重要的就是要考虑保证金问题。但其实保证金问题也不能算是成本,因为交出去的保证金仍然是自己的钱,只是换了个地方放置而已嘛。

----------------------------------------------
加油吧,让我们一起遇见更好的自己!

Hertz_品职助教 · 2022年03月03日

嗨,从没放弃的小努力你好:


同学你好~

我们回忆一下我们在一级或者二级学的forward和futures的对比,如下图:

可以看到在我们考虑futures或者将futures与forward进行对比的时候,并没有关注到交易成本的问题。

本题中说期货合约的成本低,我个人认为是从其标准化的角度来说的,因为合约一旦标准,合约双方在签约的时候就不需要做各种negotiation,之后在进行平仓等操作的时候因为其标准化的特点也很好找到交易对手方。这个特点并不是很典型,在这里作为一个选项,简单了解即可。

----------------------------------------------
努力的时光都是限量版,加油!

  • 2

    回答
  • 1

    关注
  • 447

    浏览
相关问题

NO.PZ201601050100000301 问题如下 For Subscriber 1, the most significant factor to consir woulbe: A.margin requirements. B.transaction costs of using futures contracts. C.fferent quoting conventions for future contracts. A is correct.Exchange-trafutures contranot only have initimargin requirements, they also have ily mark-to-market an a result, csubjeto ily margin calls. Market participants must have sufficient liquity to meet margin calls, or have their positions involuntarily liquitetheir brokers. Note ththe risk of ily margin calls is not a feature of most forwar contracts; nor is initimargin. (However, this is changing among the largest institutionplayers in FX markets many forwarcontracts now come with whare known CollaterSupport Annexes—CSAs—in whimargin cposte Posting aitionmargin woultypically not a ily event, however, except in the case of extreme market moves.)B is incorrebecause futures contracts have low transactions costs. C is incorrebecause whether the EUR is the prior the base currenin the quote will not affethe heing process. In fact, on the CME the quote woulthe market-stanrUSEUR quote, with the EUR the base currency.中文解析根据题干信息可知,subscriber 1是一个法国人,现在持有外币美元资产,想使用期货合约(futures)来保护自己的外币资产头寸。使用期货合约来进行外汇管理的时候,最需要考虑的是保证金的问题,因为期货合约是每日盯市每日结算的,一旦保证金不足,就有可能被强制平仓掉。所以A是正确的。B提及的交易成本问题并不是期货合约需要考虑的,期货合约是场内交易的标准化合约,交易成本很低。C提及的报价形式更不是我们使用期货合约需要考虑的问题,属于凑的。 超买和超卖在讲义里面哪里提到了吗,分别是什么

2024-04-22 21:49 1 · 回答

NO.PZ201601050100000301 问题如下 For Subscriber 1, the most significant factor to consir woulbe: A.margin requirements. B.transaction costs of using futures contracts. C.fferent quoting conventions for future contracts. A is correct.Exchange-trafutures contranot only have initimargin requirements, they also have ily mark-to-market an a result, csubjeto ily margin calls. Market participants must have sufficient liquity to meet margin calls, or have their positions involuntarily liquitetheir brokers. Note ththe risk of ily margin calls is not a feature of most forwar contracts; nor is initimargin. (However, this is changing among the largest institutionplayers in FX markets many forwarcontracts now come with whare known CollaterSupport Annexes—CSAs—in whimargin cposte Posting aitionmargin woultypically not a ily event, however, except in the case of extreme market moves.)B is incorrebecause futures contracts have low transactions costs. C is incorrebecause whether the EUR is the prior the base currenin the quote will not affethe heing process. In fact, on the CME the quote woulthe market-stanrUSEUR quote, with the EUR the base currency.中文解析根据题干信息可知,subscriber 1是一个法国人,现在持有外币美元资产,想使用期货合约(futures)来保护自己的外币资产头寸。使用期货合约来进行外汇管理的时候,最需要考虑的是保证金的问题,因为期货合约是每日盯市每日结算的,一旦保证金不足,就有可能被强制平仓掉。所以A是正确的。B提及的交易成本问题并不是期货合约需要考虑的,期货合约是场内交易的标准化合约,交易成本很低。C提及的报价形式更不是我们使用期货合约需要考虑的问题,属于凑的。 I want to protethe value of my USholngs, measurein EUR terms。请问这句话是说pricing currency是EUR,因此/FC=EUR/US?

2023-08-30 17:39 1 · 回答

NO.PZ201601050100000301 问题如下 Li Jiang is internationeconomist operating a subscription website through whishe offers financiaion currenissues to retail investors. One morning she receives four subscriber e-mails seeking guince.Subscriber 1 -a Frennationnow working in the UniteStates, I holUS llar-nominateassets currently valueUS700,000. The USEUR exchange rate hbeen quite volatile annow appears oversolbaseon historicpritren. With my Americjob enng soon, I will return to Europe. I want to protethe value of my USholngs, measurein EUR terms, before I repatriate these fun bato France. To remy currenexposure I going to use currenfutures contracts. Cyou explain the factors most relevant to implementing this strategy?-Subscriber 2 -I have observethmany of the oversemarkets for Koreexport goo are slowing, while the UniteStates is experiencing a rise in exports. Both tren ccombine to possibly affethe value of the won (KRW) relative to the US llar. a result, I consiring a speculative currentra on the KRW/USexchange rate. I also expethe volatility in this exchange rate to increase.-Subscriber 3 -Ina hrelatively high interest rates compareto the UniteStates anmy market view is ththis situation is likely to persist. a retail investor actively trang currencies, I consiring borrowing in USanconverting to the Inrupee (INR). I then intento invest these fun in INR-nominatebon, but without using a currenhee.-Subscriber 4 -I wwonring if trang in emerging market currencies provis the more opportunities for superior returns through active management thtrang in velopeMarket currencies.- For Subscriber 1, the most significant factor to consir woulbe: A.margin requirements. B.transaction costs of using futures contracts. C.fferent quoting conventions for future contracts. A is correct.Exchange-trafutures contranot only have initimargin requirements, they also have ily mark-to-market an a result, csubjeto ily margin calls. Market participants must have sufficient liquity to meet margin calls, or have their positions involuntarily liquitetheir brokers. Note ththe risk of ily margin calls is not a feature of most forwar contracts; nor is initimargin. (However, this is changing among the largest institutionplayers in FX markets many forwarcontracts now come with whare known CollaterSupport Annexes—CSAs—in whimargin cposte Posting aitionmargin woultypically not a ily event, however, except in the case of extreme market moves.)B is incorrebecause futures contracts have low transactions costs. C is incorrebecause whether the EUR is the prior the base currenin the quote will not affethe heing process. In fact, on the CME the quote woulthe market-stanrUSEUR quote, with the EUR the base currency.中文解析根据题干信息可知,subscriber 1是一个法国人,现在持有外币美元资产,想使用期货合约(futures)来保护自己的外币资产头寸。使用期货合约来进行外汇管理的时候,最需要考虑的是保证金的问题,因为期货合约是每日盯市每日结算的,一旦保证金不足,就有可能被强制平仓掉。所以A是正确的。B提及的交易成本问题并不是期货合约需要考虑的,期货合约是场内交易的标准化合约,交易成本很低。C提及的报价形式更不是我们使用期货合约需要考虑的问题,属于凑的。 The USEUR exchange rate hbeen quite volatile annow appears oversolbaseon historicpritren. 老师,oversol是指EUR升值还是贬值?

2022-08-08 11:17 1 · 回答

NO.PZ201601050100000301 1/意思是外汇期货独特的特点咩? 2/这题里是卖us怕手中us值) 所以才有保证金的要求 还是只要是外汇期货 都要保证金

2021-10-25 01:04 1 · 回答