NO.PZ2018062007000098
问题如下：
The derivative markets tend to:
选项：
A.transfer liquidity from the broader financial markets.
B.not reflect fundamental value after it is restored in the underlying market.
C.offer a less costly way to exploit mispricing in comparison to other free and competitive financial markets.
解释：
C is correct. When prices deviate from fundamental values, derivative markets offer a less costly way to exploit mispricing in comparison to other free and competitive financial markets. A is incorrect because derivative markets tend to transfer liquidity to (not from) the broader financial markets, because investors are far more willing to trade if they can more easily manage their risk, trade at lower cost and with less capital, and go short more easily. An increased willingness to trade leads to a more liquid market. B is incorrect because it is likely (not unlikely) that fundamental value will be reflected in the derivative markets both before and after it is restored in the underlying market owing to lower capital requirements and transaction costs in the derivative markets.
中文解析：
C正确，当价格偏离基本价值时，与其他自由和竞争的金融市场相比，衍生品市场提供了一种利用错误定价的成本更低的方式。
A是不正确的，因为衍生品市场倾向于将流动性转移到更广泛的金融市场，应该把from改为 to 才正确 。
B是不正确的，因为由于衍生品市场的资本要求和交易成本较低，基本价值很可能(并非不太可能)在其恢复到基础市场之前和之后都将反映在衍生品市场上。
不要复制粘贴，谢谢
