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NO.PZ201601050100000103 问题如下 3. The funmanager of Portfolio B is evaluating internally-manage100% foreign-currenheestrategy. scuss two forms of trang costs associatewith this currenmanagement strategy. Any two of the following four points is acceptable: • Trang requires aling on the bioffer spreofferealers. aler profit margin is baseon these sprea. Maintaining a 100% hee will require frequent rebalancing of minor changes in currenmovements ancoulprove to expensive. \"Churning\" the hee portfolio woulprogressively a to heing costs anrethe hee's benefits. • A long position in currenoptions involves upfront payment. If the options expire out-of-the- money, this is unrecoverable cost. • Forwarcontracts have a maturity te anneeto \"rolle" forwarwith FX swtransaction to maintain the hee. Rolling hees typically generate cash inflows anoutflows, baseon movements in the spot rate well roll yiel Cash mhave to raiseto settle the heing transactions (increases the volatility in the organization‘s cash accounts). The management of these cash flow costs caccumulate anbecome a large portion of the portfolio‘s value, anthey become more expensive for cash outflows interest rates increase. • Heing requires maintaining the necessary ainistrative infrastructure for trang (personnel antechnology systems). These overhecosts cbecome a significant portion of the overall costs of currentrang.中文解析对冲成本包括交易成本和机会成本两种，本题考察的是交易成本。主要包括四点1. 交易要求在交易商提供的买卖价差上进行交易。经销商的利润是基于这些价差。维持100%的对冲将需要经常对汇率变动的微小变化进行再平衡，而且可能代价高昂。再平衡的时候也会增加对冲成本，降低对冲收益。2. 期权需要支付期权费，如果到期期权处于OTM的状态，没有被行权的话，这笔期权费将会成为一种无法收回的成本。3.使用远期合约进行对冲时，因为远期合约有到期日，需要不断向前滚动展期，展期的过程中会产生现金流入和流出。如果产生的是现金的流入，则会增加收益降低成本，但是如果产生的是现金的流出就会增加成本。4.行政管理费用。对冲需要维护必要的交易管理基础设施(人事和技术系统)。这些间接成本可能会成为交易总成本的重要组成部分。 因为100% hee 所以存在美元上涨无法获取收益的oppotunity cost？

NO.PZ201601050100000103 问题如下 3. The funmanager of Portfolio B is evaluating internally-manage100% foreign-currenheestrategy. scuss two forms of trang costs associatewith this currenmanagement strategy. Any two of the following four points is acceptable: • Trang requires aling on the bioffer spreofferealers. aler profit margin is baseon these sprea. Maintaining a 100% hee will require frequent rebalancing of minor changes in currenmovements ancoulprove to expensive. \"Churning\" the hee portfolio woulprogressively a to heing costs anrethe hee's benefits. • A long position in currenoptions involves upfront payment. If the options expire out-of-the- money, this is unrecoverable cost. • Forwarcontracts have a maturity te anneeto \"rolle" forwarwith FX swtransaction to maintain the hee. Rolling hees typically generate cash inflows anoutflows, baseon movements in the spot rate well roll yiel Cash mhave to raiseto settle the heing transactions (increases the volatility in the organization‘s cash accounts). The management of these cash flow costs caccumulate anbecome a large portion of the portfolio‘s value, anthey become more expensive for cash outflows interest rates increase. • Heing requires maintaining the necessary ainistrative infrastructure for trang (personnel antechnology systems). These overhecosts cbecome a significant portion of the overall costs of currentrang.中文解析对冲成本包括交易成本和机会成本两种，本题考察的是交易成本。主要包括四点1. 交易要求在交易商提供的买卖价差上进行交易。经销商的利润是基于这些价差。维持100%的对冲将需要经常对汇率变动的微小变化进行再平衡，而且可能代价高昂。再平衡的时候也会增加对冲成本，降低对冲收益。2. 期权需要支付期权费，如果到期期权处于OTM的状态，没有被行权的话，这笔期权费将会成为一种无法收回的成本。3.使用远期合约进行对冲时，因为远期合约有到期日，需要不断向前滚动展期，展期的过程中会产生现金流入和流出。如果产生的是现金的流入，则会增加收益降低成本，但是如果产生的是现金的流出就会增加成本。4.行政管理费用。对冲需要维护必要的交易管理基础设施(人事和技术系统)。这些间接成本可能会成为交易总成本的重要组成部分。 如题，答案太长了。比如期权费那一点，第二句“If the options expire out-of-the- money, this is unrecoverable cost.”需要写吗？还是只写出两个成本是什么就行了？我是这么答的the overhecost. susome fee to maintain some trang infrastructure.the option premium, if use option to the heing strategy.

NO.PZ201601050100000103 3. The funmanager of Portfolio B is evaluating internally-manage100% foreign-currenheestrategy. scuss two forms of trang costs associatewith this currenmanagement strategy. Any two of the following four points is acceptable: • Trang requires aling on the bioffer spreofferealers. aler profit margin is baseon these sprea. Maintaining a 100% hee will require frequent rebalancing of minor changes in currenmovements ancoulprove to expensive. \"Churning\" the hee portfolio woulprogressively a to heing costs anrethe hee's benefits. • A long position in currenoptions involves upfront payment. If the options expire out-of-the- money, this is unrecoverable cost. • Forwarcontracts have a maturity te anneeto \"rolle" forwarwith FX swtransaction to maintain the hee. Rolling hees typically generate cash inflows anoutflows, baseon movements in the spot rate well roll yiel Cash mhave to raiseto settle the heing transactions (increases the volatility in the organization‘s cash accounts). The management of these cash flow costs caccumulate anbecome a large portion of the portfolio‘s value, anthey become more expensive for cash outflows interest rates increase. • Heing requires maintaining the necessary ainistrative infrastructure for trang (personnel antechnology systems). These overhecosts cbecome a significant portion of the overall costs of currentrang. 中文解析 对冲成本包括交易成本和机会成本两种，本题考察的是交易成本。主要包括四点 1. 交易要求在交易商提供的买卖价差上进行交易。经销商的利润是基于这些价差。维持100%的对冲将需要经常对汇率变动的微小变化进行再平衡，而且可能代价高昂。再平衡的时候也会增加对冲成本，降低对冲收益。 2. 期权需要支付期权费，如果到期期权处于OTM的状态，没有被行权的话，这笔期权费将会成为一种无法收回的成本。 3.使用远期合约进行对冲时，因为远期合约有到期日，需要不断向前滚动展期，展期的过程中会产生现金流入和流出。如果产生的是现金的流入，则会增加收益降低成本，但是如果产生的是现金的流出就会增加成本。 4.行政管理费用。对冲需要维护必要的交易管理基础设施(人事和技术系统)。这些间接成本可能会成为交易总成本的重要组成部分。 这个具体怎么操作？

NO.PZ201601050100000103 3. The funmanager of Portfolio B is evaluating internally-manage100% foreign-currenheestrategy. scuss two forms of trang costs associatewith this currenmanagement strategy. Any two of the following four points is acceptable: • Trang requires aling on the bioffer spreofferealers. aler profit margin is baseon these sprea. Maintaining a 100% hee will require frequent rebalancing of minor changes in currenmovements ancoulprove to expensive. \"Churning\" the hee portfolio woulprogressively a to heing costs anrethe hee's benefits. • A long position in currenoptions involves upfront payment. If the options expire out-of-the- money, this is unrecoverable cost. • Forwarcontracts have a maturity te anneeto \"rolle" forwarwith FX swtransaction to maintain the hee. Rolling hees typically generate cash inflows anoutflows, baseon movements in the spot rate well roll yiel Cash mhave to raiseto settle the heing transactions (increases the volatility in the organization‘s cash accounts). The management of these cash flow costs caccumulate anbecome a large portion of the portfolio‘s value, anthey become more expensive for cash outflows interest rates increase. • Heing requires maintaining the necessary ainistrative infrastructure for trang (personnel antechnology systems). These overhecosts cbecome a significant portion of the overall costs of currentrang. 中文解析 对冲成本包括交易成本和机会成本两种，本题考察的是交易成本。主要包括四点 1. 交易要求在交易商提供的买卖价差上进行交易。经销商的利润是基于这些价差。维持100%的对冲将需要经常对汇率变动的微小变化进行再平衡，而且可能代价高昂。再平衡的时候也会增加对冲成本，降低对冲收益。 2. 期权需要支付期权费，如果到期期权处于OTM的状态，没有被行权的话，这笔期权费将会成为一种无法收回的成本。 3.使用远期合约进行对冲时，因为远期合约有到期日，需要不断向前滚动展期，展期的过程中会产生现金流入和流出。如果产生的是现金的流入，则会增加收益降低成本，但是如果产生的是现金的流出就会增加成本。 4.行政管理费用。对冲需要维护必要的交易管理基础设施(人事和技术系统)。这些间接成本可能会成为交易总成本的重要组成部分。 第三条Cash mhave to raiseto settle the heing transactions (increases the volatility in the organization‘s cash accounts). The management of these cash flow costs caccumulate anbecome a large portion of the portfolio‘s value, anthey become more expensive for cash outflows interest rates increase. 这句话请问怎么理解？forwar期需要结算，产生正的或者负的现金流么？增加了机构现金账户的波动性，后面为什么说利率越高，现金流流出的成本就越高呢？