NO.PZ2016031201000011
问题如下：
Compared with the underlying spot market, derivative markets are more likely to have:
选项：
A.greater liquidity.
B.higher transaction costs.
C.higher capital requirements.
解释：
A is correct.
Derivative markets typically have greater liquidity than the underlying spot market as a result of the lower capital required to trade derivatives compared with the underlying. Derivatives also have lower transaction costs and lower capital requirements than the underlying.
B is incorrect because transaction costs for derivatives are lower than the underlying spot market. C is incorrect because derivatives markets have lower capital requirements than the underlying spot market.
中文解析：
A正确，衍生品市场通常比标的现货市场具有更大的流动性，因为交易衍生品所需的资本低于标的市场，衍生品的交易成本和资本要求也低于标的产品。B，C错误。
老师，我记得某处讲过因为derivatives有些是在otc交易，所以流动性没有很好啊？
