NO.PZ202208260100000102
问题如下：
Which of the following types of derivative and underlyings are best suited to hedge Montau's financial risk under the commercial transaction?
选项：
A.Montau AG should consider a firm commitment derivative with currency as an underlying, specifically the sale of KRW at a fixed EUR price.
B.Montau AG should consider a contingent claim derivative with the price of the machine as its underlying, specifically an A-series laser cutting machine.
C.Montau AG should consider a contingent claim derivative with currency as an underlying, specifically the sale of EUR at a fixed KRW price.
解释：
A is correct.
SolutionThe derivative best suited to hedge Montau's financial risk is a firm commitment derivative in which a pre-determined amount is exchanged at settlement. The derivative underlying should be currencies, specifically the sale of KRW at a fixed EUR price in the future to offset or hedge the financial risk of the commercial contract. The machine price referenced under B is not considered an underlying, and C hedges the opposite of Montau's underlying exposure.
中文解析：
该公司面临的主要风险是75天后韩元兑欧元的汇率的不确定性。因此如果要使用衍生品合约对冲该风险，只需要保证该合约能够锁定75天时韩元兑欧元的汇率即可，可见衍生品的标的是汇率。因此排除B选项。
该公司是一家德国的公司，卖出产品收到韩元，但最终是要将韩元转成欧元的。所以锁定的应该是按照固定的欧元卖出韩元的汇率，A选项正确，C错误。
这里选择contingent和commitment有什么区别吗？还是都可以？
