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Jo · 2024年08月06日

不理解C选项。

NO.PZ2022071101000003

问题如下:

A risk manager is training junior risk analysts at an international bank. The manager is instructing them about the difference between repurchase agreements (repos) and reverse repurchase agreements (reverse repos), as well as the relevant market participants.

Which of the following is a correct statement for the manager to present to the class?

选项:

A.

A trader who would like to short a bond could enter into a repo to borrow the bond.

B.

Haircuts on collateral are typically charged to those who lend collateral in repo transactions, but margin calls are usually not made.

C.

When financing a purchase of securities, financial institutions often sell the repo to avoid putting up full purchase price for the securities.

D.

Money market mutual funds tend to enter into a repo to invest short-term liquid instruments.

解释:

中文解析:

C是正确的。卖出repo相当于进入一份repo协议,证券先被卖出,待合约到期后再购回。

A是错误的。逆向repo应当是融券的。

B是错误的。追保通知也是很常见的。

D是错误的。货币市场基金进入逆向repo来投资于短期证券。

--------------------------------------------------------------------------------------------------------------------------------

C is correct. Selling the repo is the same as entering into a repo agreement, where the security is sold and bought back later.

A is incorrect. A reverse repo should be made to borrow the bond.

B is incorrect. Margin calls are also common.

D is incorrect. Money market mutual funds enter into reverse repo agreements to invest in short-term instruments.

When financing a purchase of securities, financial institutions often sell the repo to avoid putting up full purchase price for the securities.

进入repo的一方,是为了融资去购买债券,因此他们把这个债券作为抵押物去做回购。

说白了就是,借钱买债券?实务中买债券,没足够的现金也能交割么...?没交割又如何拿去抵押..?真的好困惑啊......

而且感觉c选项后半部分描述地特别像“逆向回购”一方啊,因为他们可以折价买债券啊......

2 个答案

pzqa39 · 2024年08月07日

嗨,从没放弃的小努力你好:


C的意思是:当需要为了买入证券而融资的时候,金融机构通常会sell repo,来避免支付证券的全额价格。

 

repo是回购协议,sell repo等价于签订repo协议,意思是金融机构A拿着自己持有的国债或者质量很高的信用债去作抵押,找B借来一笔钱,借来钱去买自己想买的债券。repo到期之后A要还钱、买回国债。所以是A找B做了一笔抵押贷款,避免在买债券的时候全部用自己的钱支付一大笔现金。

 

按照美国的repo协议的规定,一般是用国债或者质量很高的信用债作为抵押品。

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努力的时光都是限量版,加油!

pzqa39 · 2024年08月07日

嗨,努力学习的PZer你好:


C的意思是:当需要为了买入证券而融资的时候,金融机构通常会sell repo,来避免支付证券的全额价格。

 

repo是回购协议,sell repo等价于签订repo协议,意思是金融机构A拿着自己持有的国债或者质量很高的信用债去作抵押,找B借来一笔钱,借来钱去买自己想买的债券。repo到期之后A要还钱、买回国债。所以是A找B做了一笔抵押贷款,避免在买债券的时候全部用自己的钱支付一大笔现金。

 

按照美国的repo协议的规定,一般是用国债或者质量很高的信用债作为抵押品。

----------------------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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NO.PZ2022071101000003问题如下 A risk manager is training junior risk analysts internationbank. The manager is instructing them about the fferenbetween repurchase agreements (repos) anreverse repurchase agreements (reverse repos), well the relevant market participants. Whiof the following is a correstatement for the manager to present to the class? A.A trar who woullike to short a boncoulenter into a repo to borrow the bonB.Haircuts on collaterare typically chargeto those who lencollaterin repo transactions, but margin calls are usually not ma.C.When financing a purchase of securities, financiinstitutions often sell the repo to avoiputting up full purchase prifor the securities.Money market mutufun tento enter into a repo to invest short-term liquiinstruments. 中文解析C是正确的。卖出repo相当于进入一份repo协议,证券先被卖出,待合约到期后再购回。A是错误的。逆向repo应当是融券的。B是错误的。追保通知也是很常见的。错误的。货币市场基金进入逆向repo来投资于短期证券。-------------------------------------------------------------------------------------------------------------------------------- C is correct. Selling the repo is the same entering into a repo agreement, where the security is solanbought balater.A is incorrect. A reverse repo shoulma to borrow the bonB is incorrect. Margin calls are also common.is incorrect. Money market mutufun enter into reverse repo agreements to invest in short-term instruments. 主语方都是融券吗?C没太明白

2024-04-10 22:58 2 · 回答

NO.PZ2022071101000003问题如下 A risk manager is training junior risk analysts internationbank. The manager is instructing them about the fferenbetween repurchase agreements (repos) anreverse repurchase agreements (reverse repos), well the relevant market participants. Whiof the following is a correstatement for the manager to present to the class? A.A trar who woullike to short a boncoulenter into a repo to borrow the bonB.Haircuts on collaterare typically chargeto those who lencollaterin repo transactions, but margin calls are usually not ma.C.When financing a purchase of securities, financiinstitutions often sell the repo to avoiputting up full purchase prifor the securities.Money market mutufun tento enter into a repo to invest short-term liquiinstruments. 中文解析C是正确的。卖出repo相当于进入一份repo协议,证券先被卖出,待合约到期后再购回。A是错误的。逆向repo应当是融券的。B是错误的。追保通知也是很常见的。错误的。货币市场基金进入逆向repo来投资于短期证券。-------------------------------------------------------------------------------------------------------------------------------- C is correct. Selling the repo is the same entering into a repo agreement, where the security is solanbought balater.A is incorrect. A reverse repo shoulma to borrow the bonB is incorrect. Margin calls are also common.is incorrect. Money market mutufun enter into reverse repo agreements to invest in short-term instruments. 请问老师C后半句怎么理解?

2023-05-20 20:05 1 · 回答