NO.PZ2020033002000043
问题如下：
Ace Bank is calculating its counterparty credit exposure to Horizon, a hedge fund. Which of the following trades by Ace Bank would not increase its credit exposure to Horizon?
I. Buying a call option from Horizon
II. Selling a put option to Horizon
III. Selling a forward contract to Horizon
IV. Buying a secondary loan granted to Sunshine Inc. from Horizon
选项：
A.II only
B.II and IV only
C.II and III only
D.II, III, and IV only
解释：
B is correct.
考点：Credit exposure
解析：
I would increase. Buying an option creates credit exposure because the contract could bring positive cash flow.
II would not increase. Selling an option does not create exposure because the contract could not bring positive cash flow.
III would increase. Entering a forward contract creates credit exposure because the contract could bring positive cash flow.
IV would not increase. Buying a loan creates exposure to Sunshine, not Horizon.
请问D选项是一个怎样的交易？可否解释一下。
