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于晴 · 2024年11月01日

如果是每日清算的话,这样的话期货到期的时候结算的不也是最后一天的profit吗

NO.PZ2016031201000054

问题如下:

Which of the following factors is shared by forwards and futures contracts?

选项:

A.

Timing of profits

B.

Flexible settlement arrangements

C.

Nearly equivalent profits by expiration

解释:

C is correct.

Comparing the derivatives, forward and futures contracts have nearly equivalent profits by the time of expiration of the forward.

A is incorrect because the timing of profits for a futures contract is different from that of forwards. Forwards realize the full amount at expiration, whereas futures contracts realize their profit in parts on a day- to- day basis.

B is incorrect because the settlement arrangements for the forwards can be agreed on at initiation and written in the contract based on the desires of the engaged parties. However, in the case of a futures contract, the exchange (not the engaged parties) specifies whether physical delivery or cash settlement applies.

中文解析:

远期和期货合约在远期到期日的利润几乎相等(Nearly equivalent)。C正确

A是不正确的,因为期货合同的盈利时间不同于远期合同。远期合约在到期日实现全部金额,而期货合约则在每天的基础上实现部分利润。

B是不正确的,远期合约的结算可由合约双方在合约签订之时商定下来,根据合约双方的意愿写在合同中。但对于期货合约来说,交易所规定了采用实物交割还是采用现金结算。

远期和期货合约在远期到期日的利润几乎相等(Nearly equivalent)。C正确

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李坏_品职助教 · 2024年11月01日

嗨,努力学习的PZer你好:


C选项的意思是,期货合约与远期合约从开始到结束日确认的总利润是一样的,这个是对的。


假设期限只有3天:

如果我是做多期货,成本50块钱,第一天收盘后价格涨到55,第二天收盘后涨到60,第三天涨到65。

那么我每天收盘后都可以确认5块钱的利润,可以随时把利润取出来。最后在到期日可以算出来总利润是15块钱。


如果我是做多远期合约,这每天5块钱的利润只是账面浮盈,我无法取出来,也无法确认。必须等到远期合约到期日的那一天才能确认所有利润——也是15块钱的总利润。

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