问题如下图：
选项：
A. 
B. 
C. 
D. 
解释：
能否解释一下这四个选项，感谢
orange品职答疑助手 · 2018年03月18日
A选项，在利率互换协议中，无需交换本金，只需定期交换利息差额，所以敞口不大
B选项，在远期外汇市场，按规定好的汇率将美元换成澳元。同样，在到期进行交割时，是不用对名义本金进行交割的。只交割远期汇率与当时的即期汇率之间的差额。所以其风险敞口跟A选项类似。
C选项，cap的作用是在利率互换中，防止浮动利率超过一个限定的值，这个值可以认作是cap，相当于是防止利率过于上升的一种权利。卖cap这个过程中，投资者得到premium、收到钱后，那么也就没有credit exposure了。
D选项，是存款的意思，到期时银行将本金一次性交还给投资者。所以有最大的credit exposure。（注意这不是EAD）
NO.PZ2016082406000051 Whione of the following als woulhave the greatest cret exposure for a $1,000,000 size (assume the counterparty in eais AAA-ratebank anhno settlement risk)? Pfixein Australill(AU interest rate swfor one year. Sell USagainst AUin a one-yeforwarforeign exchange contract. Sell a one-yeAUcap. Purchase a one-yecertificate of posit (C. ANSWER: The hthe whole notionrisk. Otherwise, the next greatest exposures are for the forwarcurrencontraanthe interest rate swap. The short cposition hno exposure if the premium hbeen collecte Note ththe question eliminates settlement risk for the forwarcontract. settlement risk是什么，为什么假设了没有settlement risk，是会有满的敞口
Whione of the following als woulhave the greatest cret exposure for a $1,000,000 size (assume the counterparty in eais AAA-ratebank anhno settlement risk)? Pfixein Australill(AU interest rate swfor one year. Sell USagainst AUin a one-yeforwarforeign exchange contract. Sell a one-yeAUcap. Purchase a one-yecertificate of posit (C. ANSWER: The hthe whole notionrisk. Otherwise, the next greatest exposures are for the forwarcurrencontraanthe interest rate swap. The short cposition hno exposure if the premium hbeen collecte Note ththe question eliminates settlement risk for the forwarcontract. 老师，还是不要太明白为什么不是b？
对B有疑问老师，讲义270页有一句话The long-tenature anexchange of notionin cross-currenswaps anforeign exchange forwar means they carry a lot of counter-party risk.这是说forwarforeign exchange也交换全部本金的吧？
不太理解这个产品为啥是 whole notionrisk 可以一下这个产品吗？
那AB的敞口不是whole nominprincipal？为何