基差

NO.PZ201601050100001707 问题如下 Whiof Whitacre’s two statements regarng bonfutures arbitrage is correct? A.Only Statement 4 B.Only Statement 5 C.Both Statement 4 anStatement 5 A is correct. If the basis is positive, a trar woulmake a profit “selling the basis”—this, selling the bonanbuying the futures. In contrast, when the basis is negative, the trar woulmake a profit “buying the basis,” in whithe trar woulpurchase the bonanshort the futures. B is incorrebecause Statement 5 is incorrect. If the basis is negative, a trar woulmake a profit “buying the basis”—this, purchasing (not selling) the bonanshorting (not buying) the futures. C is incorrebecause Statement 5 is incorrect. If the basis is negative, a trar woulmake a profit “buying the basis”—this, purchasing (not selling) the bonanshorting (not buying) the futures. 中文解析如果basis为正，则应该sell the basis，具体来说就是卖出债券，买入债券期货合约。如果basis 为负，则应该buy the basis，具体来说就是买入债券，卖出对应的债券期货合约。因此只有表述4是正确的，选择 何老师在基础班课题讲ily roll这块时专门提到Basis是F-S, 但是这里又明明指S-F,信息冲突了

NO.PZ201601050100001707 问题如下 Whiof Whitacre’s two statements regarng bonfutures arbitrage is correct? A.Only Statement 4 B.Only Statement 5 C.Both Statement 4 anStatement 5 A is correct. If the basis is positive, a trar woulmake a profit “selling the basis”—this, selling the bonanbuying the futures. In contrast, when the basis is negative, the trar woulmake a profit “buying the basis,” in whithe trar woulpurchase the bonanshort the futures. B is incorrebecause Statement 5 is incorrect. If the basis is negative, a trar woulmake a profit “buying the basis”—this, purchasing (not selling) the bonanshorting (not buying) the futures. C is incorrebecause Statement 5 is incorrect. If the basis is negative, a trar woulmake a profit “buying the basis”—this, purchasing (not selling) the bonanshorting (not buying) the futures. 中文解析如果basis为正，则应该sell the basis，具体来说就是卖出债券，买入债券期货合约。如果basis 为负，则应该buy the basis，具体来说就是买入债券，卖出对应的债券期货合约。因此只有表述4是正确的，选择 2. 所以当basis为负数的时候，就是现货高于期货价格，买低卖高的原则下，我们应该买现货卖期货；同理如果basis为正数，应该买期货卖现货了。3. 然后注意basis为负的时候的操作叫做buying basis；basis为正的时候的操作叫做sell basis。现货价格高于期货价格，买低卖高不应该是买期货卖现货吗？下面这个为什么basis为负，叫做buy，buy 的主体是哪一方？

NO.PZ201601050100001707 问题如下 Whiof Whitacre’s two statements regarng bonfutures arbitrage is correct? A.Only Statement 4 B.Only Statement 5 C.Both Statement 4 anStatement 5 A is correct. If the basis is positive, a trar woulmake a profit “selling the basis”—this, selling the bonanbuying the futures. In contrast, when the basis is negative, the trar woulmake a profit “buying the basis,” in whithe trar woulpurchase the bonanshort the futures. B is incorrebecause Statement 5 is incorrect. If the basis is negative, a trar woulmake a profit “buying the basis”—this, purchasing (not selling) the bonanshorting (not buying) the futures. C is incorrebecause Statement 5 is incorrect. If the basis is negative, a trar woulmake a profit “buying the basis”—this, purchasing (not selling) the bonanshorting (not buying) the futures. 中文解析如果basis为正，则应该sell the basis，具体来说就是卖出债券，买入债券期货合约。如果basis 为负，则应该buy the basis，具体来说就是买入债券，卖出对应的债券期货合约。因此只有表述4是正确的，选择 当basis为负数的时候，就是现货高于期货价格，买低卖高的原则下，我们应该买现货卖期货；同理如果basis为正数，应该买期货卖现货了。这个理解但是期货为啥当basis为负数的时候是buy 呢？ basis 的横坐标和纵坐标是啥呢？

NO.PZ201601050100001707 问题如下 Whiof Whitacre’s two statements regarng bonfutures arbitrage is correct? A.Only Statement 4 B.Only Statement 5 C.Both Statement 4 anStatement 5 A is correct. If the basis is positive, a trar woulmake a profit “selling the basis”—this, selling the bonanbuying the futures. In contrast, when the basis is negative, the trar woulmake a profit “buying the basis,” in whithe trar woulpurchase the bonanshort the futures. B is incorrebecause Statement 5 is incorrect. If the basis is negative, a trar woulmake a profit “buying the basis”—this, purchasing (not selling) the bonanshorting (not buying) the futures. C is incorrebecause Statement 5 is incorrect. If the basis is negative, a trar woulmake a profit “buying the basis”—this, purchasing (not selling) the bonanshorting (not buying) the futures. 中文解析如果basis为正，则应该sell the basis，具体来说就是卖出债券，买入债券期货合约。如果basis 为负，则应该buy the basis，具体来说就是买入债券，卖出对应的债券期货合约。因此只有表述4是正确的，选择 如题。