2017cfa2 mock pm 第53题

同学你好，期货市场的主要交易者有三类，informed investor; liquidity providers; arbitrageurs.

其中informed investors 和 liquidity providers主要就是hedgers & speculators.

hedger是为了对冲未来的期货价格风险的大宗商品生产商。speculators，是hedger的对手方，他们更了解市场和未来的价格趋势。

而第三种arbitrageurs, 就是用期货市场的定价不准确性来进行套利的参与者，arbitrageurs who have the ability to inventory physical commodities can attempt to capitalize on mispricing between the commodity (along with related storage and financing cost) versus the futures price. They may own the storage facilities (bonded warehouses, grain silos, feedlots) and work to manage that inventory in conjunction with the futures prices to attempt to make arbitrage-style profits.他们会持有现货，但是也会利用现货与期货价格之间的错误来低买高卖，赚取利润。题目中说的就是这种情况Fond du Lac has purchased a large amount of corn in the spot market and has taken delivery at its storage facilities. When the price increase occurs, they intend to sell the corn in the spot market.，一遍持有现货，一般等到期货市场的价格来进行套利，所以选C。

加油！