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Chinazdk · 2024年02月13日

请问这是哪个知识点

NO.PZ2023052301000011

问题如下:

A transaction where a hedge fund enters into a repo by taking a short position in a security with a view that its price will decline relative to the price of another security held is best described as:

选项:

A.

a reverse repo.

B.

a triparty repo.

C.

financing the ownership of a security.

解释:

A is correct. When viewed from the perspective of the security buyer (cash lender), a repo transaction is referred to as a reverse repurchase agreement or reverse repo. B is incorrect because under a triparty repo, both parties agree to use a third-party agent for the transaction. C is incorrect because financing the ownership of a security is not the purpose undertaken by the hedge fund.

请问这是哪个知识点?

1 个答案

吴昊_品职助教 · 2024年02月14日

嗨,努力学习的PZer你好:


在一个回购协议中,taking a short position的一方是B。以基础班的例子来说:在零时刻B从A那里拿来债券并在市场上卖出可得100。B预期将来债券价格会跌,七天后以更低的市场价格(90)再买回债券还给A,这样就可以获利10块。

从B的角度来看,就是一个逆回购,也就是reverse repo。题干描述的就是一个逆回购的过程,所以选A。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

Olivia.W🌸 · 2024年07月21日

回购和逆回购的区别是什么?站在b的角度为什么不是回购?只是a把债券买回去而已,怎么个逆法