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Weike · 2024年02月07日

不太理解为什么只有一方可以违约

NO.PZ2018062007000087

问题如下:

In contrast to contingent claims, forward contracts:

选项:

A.

have their prices chosen by the participants.

B.

could end in default by either party.

C.

can be exercised by physical or cash delivery

解释:

B is correct. In a forward contract, either party could default, whereas in a contingent claim, default is possible only from the short to the long. A is incorrect because the forward price is set in the pricing of the contract such that the starting contract value is zero, unlike contingent claims, under which parties can select any starting value. C is incorrect because both forward contracts and contingent claims can be settled by either physical or cash delivery.

中文解析:

B正确,在forward commitment 中,任何一方都可以违约,而在contingent claim中,只有short方有可能违约。

A是不正确的,forward 合约的价格不是参与着可以自己选择的,它是我们通过无套利原则计算出来的,使得合约初始的价值为0的价格

C是错误的,二者都可以通过实物交割或现金交割来结算。

为什么只有一方可以违约,这两个产品的不同是什么

1 个答案

李坏_品职助教 · 2024年02月07日

嗨,从没放弃的小努力你好:


在contingent claim比如期权中,期权的多头在0时刻支付了期权费,之后期权多头在到期日可以选择行权,也可以选择不行权(不行权是多头的合法权利,并不是违约)。

所以只有期权的空头(也就是option的seller)有可能违约,那就是当空头收取了期权费之后立刻跑路。


而在forward里面,在合约到期日多头必须交钱、头必须交货(当然也可以用现金结算)。多空双方都有可能违约跑路:多头有可能会拒绝交钱,空头也有可能拒绝交货。任何一方拒绝履行合约义务都是违约,所以多空双方都有可能违约。

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