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Emma0627 · 2023年08月13日

可以解释一下三个选项吗

NO.PZ2022061307000021

问题如下:

Question Forward contracts are most likely to be attractive hedging vehicles to investors who:

选项:

A.do not want to make an upfront outlay of cash.

B.want to reserve the right to close out their position early.

C.are not in a position to investigate the creditworthiness of their counterparties.

解释:

Solution

A is correct. Most forward contracts do not require an upfront cash outlay. Other hedging vehicles, such as futures (which require margin accounts) and options (which must be purchased for a fee), do require upfront payments.

B is incorrect. Because forward contracts are custom agreements, it is difficult to find another party who is both willing to take over the contract obligations and acceptable to the existing counterparty. Futures would be more suitable in this circumstance because they can be closed out early.

C is incorrect. Forward contracts are custom agreements that depend on each counterparty’s knowledge of the creditworthiness of the other.

如题,可以详细解释一下三个选项码

1 个答案

王园圆_品职助教 · 2023年08月13日

题目问以下哪个说法下最能体现forward作为一个对冲工具的优点

A说forward对于那些不想提前支付现金的投资者是有吸引力的——这是相对于futures的,futures就必须在进进入合同的时候支付一定的保证金,而forward就不用提前支付现金,所以这确实是forward的优点

B说forward对于那些想要提前结束他们头寸的投资者来说是有吸引力的——这是错的,因为forward大部分都是定制性的合同,交易的底层资产,资产的数量,交易时间都可能是独一无二的,所以forward一旦进入一个头寸就很难在市场上再找到另一个正好有相反交易头寸的投资者可以匹配交易从而提前结束头寸,所以B本身说法就错误

C说对于那些不能调查交易对手的信用水平的投资者来说是有利的——这也是错的,forward最大的风险就是交易对手的违约风险,原因就在于forward没有办法对交易对手有足够的约束,如果交易对手历史的信用很差,一有违约就跑路,而投资者却没有调查交易对手方的能力,那就很可能被骗,但如果是futures合同,有交易所保证合同的履行,那就不需要对交易对手的信用进行调查了,所这个也属于futures的优点而非forward的优点,C也错

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