问一道题：NO.PZ2016082405000107 [ FRM II ]

NO.PZ2016082405000107 Whiof the following statements regarng counterparty risk anlenng risk is correct? For interest-rate swap, counterparty risk exists because fault moccur the enof the contraterm. With counterparty risk, there is uncertainty to whicounterparty will have a negative mark-to-market value. Lenng risk involves bilaterrisks. With lenng risk, the principamount risk is known with absolute certainty the outset. B With counterparty risk, there is uncertainty regarng whicounterparty will have a negative MtM value. For interest-rate swap, there is no counterparty risk the enof the contraterm because all payments requirethe contrawoulhave been ma then. With lenng risk, only one party (unilateral) takes on risk. In aition, the principamount risk is known only with reasonable certainty the outset because changes in interest rates, for example, will leto some uncertainty. 1.上一次提问我表达了关于看法 感觉的绝对确定是没错的啊。我理解在放出去后，本金会随着利率变化或者提前还款变化。但是经说了“the outset”最初的时候，最初的时候我放的本金，我自己都不确定是多少吗？我放1000万，那就是绝对的1000万啊，the outset。如果说after the outset那我就理解不是绝对的。所以为什么不能选2.而B对于对手方风险的描述，我觉得对手方风险的承担主体是赚钱的那个，所以关键点在于uncertainty of positive mark-to-market value，而不是negative。negative太间接了，只能证明说谁不承担对手方风险而已，我们要找的应该是positive承担对手方风险的那个才对吧。 3.综上所诉，为啥不选B要选D

NO.PZ2016082405000107 Whiof the following statements regarng counterparty risk anlenng risk is correct? For interest-rate swap, counterparty risk exists because fault moccur the enof the contraterm. With counterparty risk, there is uncertainty to whicounterparty will have a negative mark-to-market value. Lenng risk involves bilaterrisks. With lenng risk, the principamount risk is known with absolute certainty the outset. B With counterparty risk, there is uncertainty regarng whicounterparty will have a negative MtM value. For interest-rate swap, there is no counterparty risk the enof the contraterm because all payments requirethe contrawoulhave been ma then. With lenng risk, only one party (unilateral) takes on risk. In aition, the principamount risk is known only with reasonable certainty the outset because changes in interest rates, for example, will leto some uncertainty. 感觉的绝对确定是没错的啊。我理解在放出去后，本金会随着利率变化或者提前还款变化。但是经说了“the outset”最初的时候，最初的时候我放的本金，我自己都不确定是多少吗？我放1000万，那就是绝对的1000万啊，the outset。如果说after the outset那我就理解不是绝对的。所以为什么不能选D

NO.PZ2016082405000107 Whiof the following statements regarng counterparty risk anlenng risk is correct? For interest-rate swap, counterparty risk exists because fault moccur the enof the contraterm. With counterparty risk, there is uncertainty to whicounterparty will have a negative mark-to-market value. Lenng risk involves bilaterrisks. With lenng risk, the principamount risk is known with absolute certainty the outset. B With counterparty risk, there is uncertainty regarng whicounterparty will have a negative MtM value. For interest-rate swap, there is no counterparty risk the enof the contraterm because all payments requirethe contrawoulhave been ma then. With lenng risk, only one party (unilateral) takes on risk. In aition, the principamount risk is known only with reasonable certainty the outset because changes in interest rates, for example, will leto some uncertainty. 看了解析还是不太明白 irs一开始的确是知道本金的金额 这点是绝对确定的呀

NO.PZ2016082405000107 Whiof the following statements regarng counterparty risk anlenng risk is correct? For interest-rate swap, counterparty risk exists because fault moccur the enof the contraterm. With counterparty risk, there is uncertainty to whicounterparty will have a negative mark-to-market value. Lenng risk involves bilaterrisks. With lenng risk, the principamount risk is known with absolute certainty the outset. B With counterparty risk, there is uncertainty regarng whicounterparty will have a negative MtM value. For interest-rate swap, there is no counterparty risk the enof the contraterm because all payments requirethe contrawoulhave been ma then. With lenng risk, only one party (unilateral) takes on risk. In aition, the principamount risk is known only with reasonable certainty the outset because changes in interest rates, for example, will leto some uncertainty. B应该不对吧，前半句说uncertainty是没错，但是谁是negative根本不是应该关心的地方吧，谁是负的无所谓，主要看谁是positive的吧。这样后半句不就错了么，相对于案的考虑折现的情况，感觉B错的更离谱吧

Whiof the following statements regarng counterparty risk anlenng risk is correct? For interest-rate swap, counterparty risk exists because fault moccur the enof the contraterm. With counterparty risk, there is uncertainty to whicounterparty will have a negative mark-to-market value. Lenng risk involves bilaterrisks. With lenng risk, the principamount risk is known with absolute certainty the outset. B With counterparty risk, there is uncertainty regarng whicounterparty will have a negative MtM value. For interest-rate swap, there is no counterparty risk the enof the contraterm because all payments requirethe contrawoulhave been ma then. With lenng risk, only one party (unilateral) takes on risk. In aition, the principamount risk is known only with reasonable certainty the outset because changes in interest rates, for example, will leto some uncertainty. A为什么不对？