NO.PZ2016031201000005
问题如下:
In contrast to contingent claims, forward commitments provide the:
选项:
A.right to buy or sell the underlying asset in the future.
B.obligation to buy or sell the underlying asset in the future.
C.promise to provide credit protection in the event of default.
解释:
B is correct.
Forward commitments represent an obligation to buy or sell the underlying asset at an agreed upon price at a future date.
A is incorrect because the right to buy or sell the underlying asset is a characteristic of contingent claims, not forward commitments. C is incorrect because a credit default swap provides a promise to provide credit protection to the credit protection buyer in the event of a credit event such as a default or credit downgrade and is classified as a contingent claim.
中文解析:
远期承诺是指在未来某一日期以商定价格购买或出售标的资产的义务。B正确。
A不正确,因为买卖标的资产的权利是或有求偿权(contingent claim)的特征,而不是远期承诺(Forward commitment)。
C不正确,C说的是在信用衍生产品,即在信用事件如违约或信用降级发生时,信用保护的卖方为信用保护买方提供信用保护,这属于contingent claim。
请老师帮忙区分下A和B,谢谢