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Sofia nice · 2023年08月02日

那什么样的情况使用ETD呢

NO.PZ2021061002000058

问题如下:

Monte is an American capital goods producer that manufactures products domestically and supplies products to customers around the world. Recently, the company signed a commercial contract with a British company. The contract stipulates that the company will deliver goods to the company in three months and will receive payment in sterling at that time.

To hedge Monte’s financial risk under the commercial contract, which of the following statements about the most appropriate derivative market is accurate?

选项:

A.

Both the ETD and OTC markets are appropriate for Monte to hedge its financial risk.

B.

The OTC market is the most suitable because of its ability to customize contracts to match the desired exposure profile.

C.

The ETD market is the most suitable because it provides a standardized contract to match the required exposure profile.

解释:

中文解析

本题考察的是场外市场与场内市场的对比。

场外市场的特点是合约可以根据客户的需求进行定制化,因此可以更好的对冲风险敞口。

而场内市场合约都是标准化的,与客户自身的需求很难完全匹配。

所以对于该公司来说选择场外市场是合适的。

感觉这道题答案有些牵强,虽然OTC可定制,可是不也存在风险吗?那一般什么样子的题目和什么样的情况选择使用ETD,或者两者均可呢?

2 个答案
已采纳答案

Lucky_品职助教 · 2023年08月03日

嗨,从没放弃的小努力你好:


本题的确没有明确说额度是多少,那么在不知道敞口的情况下,OTC市场可以满足所有的敞口,而Exchange市场只能满足特定的敞口(场内一个contrct都是固定的金额),因此选OTC会更好一些,Exchange market能做的敞口那OTC市场更能做了

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

Lucky_品职助教 · 2023年08月02日

嗨,从没放弃的小努力你好:


如果对合约没有个性化需求,就用交易所合约

交易所合约对期限,标的等都是统一化的,有可能不满足需求,这时候去OTC市场就可以实现定制化

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努力的时光都是限量版,加油!

Sofia nice · 2023年08月03日

通过什么判断有没有个性化的需求呢?

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