NO.PZ201601050100000401
问题如下：
1. To rebalance the SEK/GBP hedge, and assuming all instruments are based on SEK/GBP, Björk would buy:
选项：
A.GBP 7,000,000 spot.
B.GBP 7,000,000 forward to December 1.
C.SEK 74,812,500 forward to December 1.
解释：
B is correct.
The GBP value of the assets has declined, and hence the hedge needs to be reduced by GBP 7,000,000. This would require buying the GBP forward to net the outstanding (short) forward contract to an amount less than GBP 100,000,000.
A is incorrect because to rebalance the hedge (reduce the net size of the short forward position) the GBP must be bought forward, not with a spot transaction.
C is incorrect because the GBP must be bought, not sold. Buying SEK against the GBP is equivalent to selling GBP. Moreover, the amount of SEK that would be sold forward (to buy GBP 7,000,000 forward) would be determined by the forward rate, not the spot rate (7,000,000 × 10.6875 = 74,812,500).
中文解析：
题干中，本币是SEK，持有外币GBP的资产，担心外币贬值，因此需要short forward on GBP，合约规模是100,000,000，到期时间是12月1号。
现在外币资产规模下降了7,000,000，因此原来的对冲头寸也需要对应的下降7,000,000.降低原来对冲头寸的方法是：签反向头寸平掉7,000,000的头寸。
之前是short forward 头寸，到期时间是12月1号，反向头寸需要long forward，合约规模是7,000,000，到期时间应该和原来的合约到期时间一样也是12月1号，因此选B。
Forward合约规模100,000,000 是怎么算出来的，有什么用么？
