NO.PZ2023091802000016
问题如下：
A risk manager at a bank is presenting at a seminar on derivative contracts to a group of newly hired junior analysts. The manager focuses on the features and uses of derivative contracts traded by financial market participants. Which of the following statements, if made by the manager, would be correct regarding these derivative contracts?
选项：
A.
A derivative contract allows a
transfer of risks that is beneficial to both parties in the contract.
B.
Speculators use derivative contracts traded on exchanges, while hedgers use contracts traded in over-the-counter markets.
C.
Complex derivatives created with mortgages by banks in the years leading up to the 2007 – 2009 global financial crisis limited demand for housing and reduced the severity of the crisis.
D.
Derivative contracts such as forwards, futures, or options have linear payoff functions that depend on the value of the underlying asset.
解释：
A is correct. Derivative contracts do allow risks to be transferred
from one party to another in ways that benefit both sides.
B is incorrect. There are speculators and
hedgers in both types of markets.
C is incorrect. These complex derivatives
increased the availability of mortgages and led to an increase in the demand
for housing.
D is incorrect. Forwards and futures have
linear payoff functions, but options have non-linear payoff functions.
为什么两方都会受益？
