NO.PZ201812170100000205
问题如下：
Based only on Exhibit 4, R- bank’s use of credit derivatives since 2007 most likely:
选项：
A.increased posted collateral.
decreased the volatility of earnings from trading activities.
indicates consistent correlations among the relevant risks taken.
解释：
B is correct.
Exhibit 4 indicates that exposure to free- standing credit derivatives dramatically declined from a peak during the global financial crisis in 2008. If a derivatives contract is classified as freestanding, changes in its fair value are reported as income or expense in the income statement at each reporting period. The immediate recognition of a gain or loss in earnings, instead of reporting it in other comprehensive income, can lead to unexpected volatility of earnings and missed earnings targets. As a result, earnings volatility from the use of credit derivatives most likely decreased.
解析：
考点：Analysis of Financial Institutions - Analyzing A Bank - The CAMELS Approach - Earnings - Accounting for Derivatives
选项 A 错误。信用衍生品的投资大幅降低，对抵押品的要求应该降低。而选项的描述是 increased 增加，说反了，所以不选。
选项 B 正确。free-standing 衍生工具 FV 的改变要确认在损益表中，如果这种衍生工具用的少了，earnings 的波动就会变小。选项的描述正确。
选项 C 错误。因为选项的描述，是作为 hedging 的衍生工具才要求的，但是这题说了 not classified as hedges，而是作为 free-standing derivatives，所以跟选项的要求是没关系的。
如题
