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苏格拉底二徒弟🦦 · 2023年05月20日

avoid puting up full price

NO.PZ2022071101000003

问题如下:

A risk manager is training junior risk analysts at an international bank. The manager is instructing them about the difference between repurchase agreements (repos) and reverse repurchase agreements (reverse repos), as well as the relevant market participants.

Which of the following is a correct statement for the manager to present to the class?

选项:

A.

A trader who would like to short a bond could enter into a repo to borrow the bond.

B.

Haircuts on collateral are typically charged to those who lend collateral in repo transactions, but margin calls are usually not made.

C.

When financing a purchase of securities, financial institutions often sell the repo to avoid putting up full purchase price for the securities.

D.

Money market mutual funds tend to enter into a repo to invest short-term liquid instruments.

解释:

中文解析:

C是正确的。卖出repo相当于进入一份repo协议,证券先被卖出,待合约到期后再购回。

A是错误的。逆向repo应当是融券的。

B是错误的。追保通知也是很常见的。

D是错误的。货币市场基金进入逆向repo来投资于短期证券。

--------------------------------------------------------------------------------------------------------------------------------

C is correct. Selling the repo is the same as entering into a repo agreement, where the security is sold and bought back later.

A is incorrect. A reverse repo should be made to borrow the bond.

B is incorrect. Margin calls are also common.

D is incorrect. Money market mutual funds enter into reverse repo agreements to invest in short-term instruments.

请问老师C后半句怎么理解?

1 个答案
已采纳答案

DD仔_品职助教 · 2023年05月21日

嗨,从没放弃的小努力你好:


同学你好,

后半句的意思是,通过使用repo,我们在债券上占用的资金是比较少的,因为repo的净支出只是一个差价。这样就避免了你去市场上真的购买一只债券所需要付出的高额价格。节省了资金。

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NO.PZ2022071101000003 问题如下 A risk manager is training junior risk analysts internationbank. The manager is instructing them about the fferenbetween repurchase agreements (repos) anreverse repurchase agreements (reverse repos), well the relevant market participants. Whiof the following is a correstatement for the manager to present to the class? A.A trar who woullike to short a boncoulenter into a repo to borrow the bon B.Haircuts on collaterare typically chargeto those who lencollaterin repo transactions, but margin calls are usually not ma. C.When financing a purchase of securities, financiinstitutions often sell the repo to avoiputting up full purchase prifor the securities. Money market mutufun tento enter into a repo to invest short-term liquiinstruments. 中文解析C是正确的。卖出repo相当于进入一份repo协议,证券先被卖出,待合约到期后再购回。A是错误的。逆向repo应当是融券的。B是错误的。追保通知也是很常见的。错误的。货币市场基金进入逆向repo来投资于短期证券。-------------------------------------------------------------------------------------------------------------------------------- C is correct. Selling the repo is the same entering into a repo agreement, where the security is solanbought balater.A is incorrect. A reverse repo shoulma to borrow the bonB is incorrect. Margin calls are also common.is incorrect. Money market mutufun enter into reverse repo agreements to invest in short-term instruments. When financing a purchase of securities, financiinstitutions often sell the repo to avoiputting up full purchase prifor the securities.进入repo的一方,是为了融资去购买债券,因此他们把这个债券作为抵押物去做回购。说白了就是,借钱买债券?实务中买债券,没足够的现金也能交割么...?没交割又如何拿去抵押..?真的好困惑啊......而且感觉c后半部分描述地特别像“逆向回购”一方啊,因为他们可以折价买债券啊......

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NO.PZ2022071101000003问题如下 A risk manager is training junior risk analysts internationbank. The manager is instructing them about the fferenbetween repurchase agreements (repos) anreverse repurchase agreements (reverse repos), well the relevant market participants. Whiof the following is a correstatement for the manager to present to the class? A.A trar who woullike to short a boncoulenter into a repo to borrow the bonB.Haircuts on collaterare typically chargeto those who lencollaterin repo transactions, but margin calls are usually not ma.C.When financing a purchase of securities, financiinstitutions often sell the repo to avoiputting up full purchase prifor the securities.Money market mutufun tento enter into a repo to invest short-term liquiinstruments. 中文解析C是正确的。卖出repo相当于进入一份repo协议,证券先被卖出,待合约到期后再购回。A是错误的。逆向repo应当是融券的。B是错误的。追保通知也是很常见的。错误的。货币市场基金进入逆向repo来投资于短期证券。-------------------------------------------------------------------------------------------------------------------------------- C is correct. Selling the repo is the same entering into a repo agreement, where the security is solanbought balater.A is incorrect. A reverse repo shoulma to borrow the bonB is incorrect. Margin calls are also common.is incorrect. Money market mutufun enter into reverse repo agreements to invest in short-term instruments. 主语方都是融券吗?C没太明白

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