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PaisleyPPx · 2020年02月16日

问一道题:NO.PZ2016031201000013

问题如下:

Which of the following is most likely to be a destabilizing consequence of speculation using derivatives?

选项:

A.

Increased defaults by speculators and creditors

B.

Market price swings resulting from arbitrage activities

C.

The creation of trading strategies that result in asymmetric performance

解释:

A is correct.

The benefits of derivatives, such as low transaction costs, low capital requirements, use of leverage, and the ease in which participants can go short, also can result in excessive speculative trading. These activities can lead to defaults on the part of speculators and creditors.

B is incorrect because arbitrage activities tend to bring about a convergence of prices to intrinsic value. C is incorrect because asymmetric performance is not itself destabilizing.

老师,收益和亏损是不对等,为什么不会导致市场的不稳定?

1 个答案

xiaowan_品职助教 · 2020年02月16日

同学你好,举例期权就是一个不对称的交易工具,期权买方收益没有上限,而亏损只是期权费。但期权本身是对冲风险的好工具,不会造成市场不稳定。