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椰子鸡 · 2024年02月25日

选项B 的知识点在哪儿？选项C 用现金交割为什么还会获得标的物？

  1. CFA I
  2. Derivative

NO.PZ2018062007000059

问题如下：

Which of the following statements regarding the settlement of forward contracts is correct?

选项：

A.

Contract settlement by cash has different economic effects from those of a settlement by delivery.

B.

Non- deliverable forwards and contracts for differences have distinct settlement procedures.

C.

At cash settlement, when the long party acquires the asset in the market, it effectively pays the forward price.

解释：

C is correct. In the case of cash settlement, the long can acquire the asset, effectively paying the forward price, F0(T). A is incorrect because forward contracts settled by cash or by delivery have the same economic effect. B is incorrect because both non- deliverable forwards and contracts for differences can settle by an exchange of cash.

中文解析：

A错，因为以现金结算的远期合同或以交货结算的远期合同具有相同的经济效果。

B错，B选项的意思是 Non- deliverable forwards 和 contracts for differences 有不同的交割方式，然而它们都是现金交割的，所以B选项不对。其中contract for difference是差价合约的意思，简称CFD，是一种衍生工具，用来交易标的资产的价格变化，它是现金交割的。

C对，在现金结算的情况下，多头可以获得该资产，有效支付的价格即为远期价格F0(T)

B知识点在墨迹班讲义的哪里？


C选项，别说用什么比喻，我现金交割，就是没有标的物获得的，那这句话就应该是错的呀=

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1 个答案

pzqa35 · 2024年02月26日

嗨，从没放弃的小努力你好：


这道题是一道比较早年的题哈，Non- deliverable forwards是补充的一个知识点，就是非实物交割的一种远期合约，它是只能进行现金交割的。现金交割和实物交割的效果其实都是一样的。那么对于C选项来说，假如是forward签订是三个月后以2元的价格来买一瓶水，那么对于long方来说，当三个月后水的价格涨到5块钱的话，forward合约就可以获利3元，那么此时如果他以5元在现货市场上买水再加上期货市场上收益3元，最终购买水的价格就是2元。when the long party acquires the asset in the market，就是说在现货市场上购买标的资产，it effectively pays the forward price这是说他最终的支付其实就是forward price，也就是2元，这也是forward对冲的含义，锁定住未来商品的价格，对于long方来说，不管是实物交割还是现金交割，最终都能以2元的价格来买到标的资产。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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