Ashanti gold company

问题如下：

A risk manager at a bank is seeking to better understand recent liquidity risk failures. Several real-life cases are reviewed. Which of the following lessons would be best illustrated by the case of Metallgesellschaft in 1993?

选项：

A.

Negative public perception of emergency borrowing from the central bank can cause a bank run.

B.

Positive feedback trading in illiquid instruments can cause excessive losses.

C.

Hedging liabilities by rolling forward futures contracts may create cash flow mismatches.

D.

Futures provide a better effective hedge for hedging commodities exposure than forwards.

解释：

中文解析：

C是正确的。德国金属公司这是由于追加保证金通知而导致的现金流不匹配的一个经典案例。

A不正确。这种情况发生在2007年的北岩银行的案例中。

B不正确。这种情况发生在1998年的LTCM身上。

D不正确。远期和期货都可用于对冲大宗商品敞口，但当存在现金流不匹配时，两者都可能导致流动性风险。

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C is correct. This is a classic case of cash flow mismatch due to margin calls.

A is incorrect. This scenario happened to Northern Rock in 2007.

B is incorrect. This scenario happened to LTCM in 1998.

D is incorrect. Both forwards and futures can be used to hedge commodities exposure, but both can cause liquidity risk when a cash flow mismatch is present.