问一道题：NO.PZ2018091705000065

NO.PZ2018091705000065 Hill refers his frien RicharMorrison, the former CEO of Masury Brie anIron (MBI), to Keller to scuss his wealth goals. Keller realizes ththe Morrisons’ cision making is influencepsychologicconsirations ancis to use a goal-baseplanning approach. Keller constructs the table below to simplify the scussion their next schelemeeting. TableMorrison Family Wealth stribution Keller anRicharMorrison scuss severheing techniques. To lock-in a floor prianretain unlimiteupsi potential, Morrison cito use a protective put position. Explain one awbaof this heing strategy. There are two potentiawbacks with this heing strategy. The strategy requires out-of-pocket expenture to purchase the put options, whicsignificant penng on a number of factors, inclung the volatility of the stock, the strike price, anmaturity. Another potentiawbais the cret risk of the counterparty. Counterparty risk is greater for over-the-counter (OTrivative because the investor incurs the cret risk of a single counterparty. With respeto exchange-trainstruments, because a clearinghouse is the counterparty anguarantees the instrument, the investor incurs significantly less counterparty risk. 如题1. 怎么从题目中知道MBI是非上市公司的？；2.是不是场内的put就是针对上市公司，场外的put就是针对非上市公司？

NO.PZ2018091705000065 Hill refers his frien RicharMorrison, the former CEO of Masury Brie anIron (MBI), to Keller to scuss his wealth goals. Keller realizes ththe Morrisons’ cision making is influencepsychologicconsirations ancis to use a goal-baseplanning approach. Keller constructs the table below to simplify the scussion their next schelemeeting. TableMorrison Family Wealth stribution Keller anRicharMorrison scuss severheing techniques. To lock-in a floor prianretain unlimiteupsi potential, Morrison cito use a protective put position. Explain one awbaof this heing strategy. There are two potentiawbacks with this heing strategy. The strategy requires out-of-pocket expenture to purchase the put options, whicsignificant penng on a number of factors, inclung the volatility of the stock, the strike price, anmaturity. Another potentiawbais the cret risk of the counterparty. Counterparty risk is greater for over-the-counter (OTrivative because the investor incurs the cret risk of a single counterparty. With respeto exchange-trainstruments, because a clearinghouse is the counterparty anguarantees the instrument, the investor incurs significantly less counterparty risk. 第一反应就是期权贵啊，场内场外都没明示的为啥能整出counterparty risk……这些答案真给看迷了。

Hill refers his frien RicharMorrison, the former CEO of Masury Brie anIron (MBI), to Keller to scuss his wealth goals. Keller realizes ththe Morrisons’ cision making is influencepsychologicconsirations ancis to use a goal-baseplanning approach. Keller constructs the table below to simplify the scussion their next schelemeeting. TableMorrison Family Wealth stribution Keller anRicharMorrison scuss severheing techniques. To lock-in a floor prianretain unlimiteupsi potential, Morrison cito use a protective put position. Explain one awbaof this heing strategy. There are two potentiawbacks with this heing strategy. The strategy requires outof- pocket expenture to purchase the put options, whicsignificant penng on a number of factors, inclung the volatility of the stock, the strike price, anmaturity. Another potentiawbais the cret risk of the counterparty. Counterparty risk is greater for over-the-counter (OTrivative because the investor incurs the cret risk of a single counterparty. With respeto exchange-trainstruments, because a clearinghouse is the counterparty anguarantees the instrument, the investor incurs significantly less counterparty risk. 题目没有说这个是OTC交易，但是答案说了要考虑PUT 可能是OTC交易的可能。 如果碰到类似的题目，是不是缺陷都可以回答一个OTC缺点？ 是不是所有的衍生品，只要没有指明，就可能是OTC产生的？

第一个缺点没看明白‘请一下，谢谢

Hill refers his frien RicharMorrison, the former CEO of Masury Brie anIron (MBI), to Keller to scuss his wealth goals. Keller realizes ththe Morrisons’ cision making is influencepsychologicconsirations ancis to use a goal-baseplanning approach. Keller constructs the table below to simplify the scussion their next schelemeeting. TableMorrison Family Wealth stribution Keller anRicharMorrison scuss severheing techniques. To lock-in a floor prianretain unlimiteupsi potential, Morrison cito use a protective put position. Explain one awbaof this heing strategy. There are two potentiawbacks with this heing strategy. The strategy requires outof- pocket expenture to purchase the put options, whicsignificant penng on a number of factors, inclung the volatility of the stock, the strike price, anmaturity. Another potentiawbais the cret risk of the counterparty. Counterparty risk is greater for over-the-counter (OTrivative because the investor incurs the cret risk of a single counterparty. With respeto exchange-trainstruments, because a clearinghouse is the counterparty anguarantees the instrument, the investor incurs significantly less counterparty risk. 请问为什么会有信用风险呢，这种put不都是交易所买卖的么，要去OTC单独设置么？ 另外，这种heing，protective put是看涨collar是区间看涨，那么他们什么时候卖出股票呢，不卖的话怎么有钱做gobase投资，难道是要质押？这个明显没有yielenhancement有明显卖出准备好吧。