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LSY0926 · 2024年11月11日

请老师帮忙区分下A和B

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

1 个答案

李坏_品职助教 · 2024年11月11日

嗨,努力学习的PZer你好:


right指的是权利,比如我找你买入一份call option,那么我有权利在期末从你那里买入一些资产。既然是权利,那么买或者不买资产,都在于我。我可以选择找你行权(买资产),也可以放弃这个权利。


obligation指的是义务,比如我找你买入一份forward contract。那在期末我必须支付给你一笔交割款,从你手里买入资产。这个是必须履行的义务。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!