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风声 · 2024年05月14日

请解释一下这道题

NO.PZ2023103101000035

问题如下:

Q. Which of the following characteristics is not a benefit of derivative instruments (compared to ownership of the physical commodity) as a means of gaining commodity exposure?

选项:

A.Price transparency B.Non-cash benefits C.Liquidity

解释:

B is correct. Non-cash benefits refer to the convenience yield, which causes a preference for owning the physical commodity rather than a derivative contract. A is incorrect in that derivatives provide price transparency while the market for physical commodities is much less transparent. C is incorrect in that the more frequent trading of derivatives on organized exchanges enhances liquidity while physical commodity markets are characterized by infrequent trading and thus poor liquidity.

请解释一下这道题

1 个答案

pzqa35 · 2024年05月15日

嗨,从没放弃的小努力你好:


这里的 Non-cash benefits就是指convenience yield,便利收益使得人们更愿意持有实物商品,因为实物商品可以带来一些非现金形式的好处,而这些好处是衍生品合约所不能提供的。就比如一些能源或者原材料,如果是持有这个现货,那么订单来了的话就可以立马开工生产,这就是便利性收益的一个体现,这个是衍生品合约没办法提供。

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努力的时光都是限量版,加油!

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