NO.PZ2016031201000054
问题如下：
Which of the following factors is shared by forwards and futures contracts?
选项：
A.Timing of profits
Flexible settlement arrangements
Nearly equivalent profits by expiration
解释：
C is correct.
Comparing the derivatives, forward and futures contracts have nearly equivalent profits by the time of expiration of the forward.
A is incorrect because the timing of profits for a futures contract is different from that of forwards. Forwards realize the full amount at expiration, whereas futures contracts realize their profit in parts on a day- to- day basis.
B is incorrect because the settlement arrangements for the forwards can be agreed on at initiation and written in the contract based on the desires of the engaged parties. However, in the case of a futures contract, the exchange (not the engaged parties) specifies whether physical delivery or cash settlement applies.
中文解析：
远期和期货合约在远期到期日的利润几乎相等（Nearly equivalent）。C正确
A是不正确的，因为期货合同的盈利时间不同于远期合同。远期合约在到期日实现全部金额，而期货合约则在每天的基础上实现部分利润。
B是不正确的，远期合约的结算可由合约双方在合约签订之时商定下来，根据合约双方的意愿写在合同中。但对于期货合约来说，交易所规定了采用实物交割还是采用现金结算。
排除法选对了C，但这句话怎么理解比较好？
