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Carina9999 · 2022年05月15日

C选项

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NO.PZ201601050100001704

问题如下:

The derivative product first suggested by Regan as a potential hedge strategy for Portfolio B:

选项:

A.

is a relatively liquid contract.

B.

eliminates counterparty credit risk.

C.

allows Monatize to keep voting rights on its equity portfolio.

解释:

C is correct.

The first hedging strategy suggested by Regan is entering into a total return equity swap in exchange for a fee. Equity swaps, which are relatively illiquid contracts and are OTC derivative instruments in which each party bears counterparty risk, do not confer voting rights to the counterparty receiving the performance of the underlying. Under the terms of the total return equity swap, at pre-specified dates, the counterparties will net the index total return (increase/decrease plus dividends) against the fixed interest payment. If the index total return exceeds the fixed interest payment, Monatize will pay the counterparty the net payment. If the index total return is less than the fixed interest payment, then Monatize will receive the net payment from the counterparty.

A is incorrect because equity swaps are relatively illiquid contracts.

B is incorrect because equity swaps are OTC derivative instruments, and each counterparty in the equity swap bears the risk exposure to the other counterparty. For this reason, equity swaps are usually collateralized in order to reduce credit risk exposure.

中文解析:

本题考察的是equity swap。

Equity swapOTC的衍生工具,流动性相对较差,交易双方都承担交易对手风险。A.B选项错误。

Total return equity swap指的是合约的一方会将股票相关的所有的return都付给对手方,既包括股价增值的部分又包括分发的股利。但是股票并没有给到对手方,因此投票权还保留,所以C选项正确。

讲义上不是说不保留投票权吗



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Hertz_品职助教 · 2022年05月16日

嗨,努力学习的PZer你好:


同学你好

不是的哈,讲义上的意思是不转移投票权。

同学标注缺点这一段,整个意思是说股权互换需要提供抵押品,流动性相对较差,而且不赋予投票权。对于投票权来说是没有被赋予出去的,就是没有转移,还保留着呢。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

坏呼呼嘿嘿 · 2023年08月08日

如果是short 股票,还有投票权吗?

pzqa31 · 2023年08月09日

嗨,爱思考的PZer你好:


没有

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努力的时光都是限量版,加油!

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NO.PZ201601050100001704问题如下 The rivative profirst suggesteRega potentihee strategy for Portfolio A.is a relatively liquicontract.B.eliminates counterparty cret risk.C.allows Monatize to keep voting rights on its equity portfolio. C is correct. The first heing strategy suggesteRegis entering into a totreturn equity swin exchange for a fee. Equity swaps, whiare relatively illiquicontracts anare OTC rivative instruments in whieaparty bears counterparty risk, not confer voting rights to the counterparty receiving the performanof the unrlying. Unr the terms of the totreturn equity swap, pre-specifietes, the counterparties will net the inx totreturn (increase/crease plus vin) against the fixeinterest payment. If the inx totreturn excee the fixeinterest payment, Monatize will pthe counterparty the net payment. If the inx totreturn is less ththe fixeinterest payment, then Monatize will receive the net payment from the counterparty.A is incorrebecause equity swaps are relatively illiquicontracts.B is incorrebecause equity swaps are OTC rivative instruments, aneacounterparty in the equity swbears the risk exposure to the other counterparty. For this reason, equity swaps are usually collateralizein orr to recret risk exposure.中文解析本题考察的是equity swap。Equity swap是OTC的衍生工具,流动性相对较差,交易双方都承担交易对手风险。A.B错误。Totreturn equity swap指的是合约的一方会将股票相关的所有的return都付给对手方,既包括股价增值的部分又包括分发的股利。但是股票并没有给到对手方,因此投票权还保留,所以C正确。 老师 请问哪些是场内 哪些是场外 要怎么记忆(没有实务基础)

2023-12-03 08:04 1 · 回答