NO.PZ2018062007000059
问题如下:
Which of the following statements regarding the settlement of forward contracts is correct?
选项:
A.
Contract settlement by cash has different economic effects from those of a settlement by delivery.
B.
Non- deliverable forwards and contracts for differences have distinct settlement procedures.
C.
At cash settlement, when the long party acquires the asset in the market, it effectively pays the forward price.
解释:
C is correct. In the case of cash settlement, the long can acquire the asset, effectively paying the forward price, F0(T). A is incorrect because forward contracts settled by cash or by delivery have the same economic effect. B is incorrect because both non- deliverable forwards and contracts for differences can settle by an exchange of cash.
中文解析:
A错,因为以现金结算的远期合同或以交货结算的远期合同具有相同的经济效果。
B错,B选项的意思是 Non- deliverable forwards 和 contracts for differences 有不同的交割方式,然而它们都是现金交割的,所以B选项不对。其中contract for difference是差价合约的意思,简称CFD,是一种衍生工具,用来交易标的资产的价格变化,它是现金交割的。
C对,在现金结算的情况下,多头可以获得该资产,有效支付的价格即为远期价格F0(T)
现金结算应该就是差价结算,不用交割物品了,亏钱的一方直接给另一方钱就行了,为啥还涉及到实物资产的交割呢?