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不畏将来 · 2020年03月24日

问一道题:NO.PZ2018062007000054

问题如下:

A beneficial opportunity created by the derivatives market is the ability to:

选项:

A.

adjust risk exposures to desired levels.

B.

generate returns proportional to movements in the underlying.

C.

simultaneously take long positions in multiple highly liquid fixed- income securities.

解释:

A is correct. Derivatives allow market participants to practice more effective risk management, a process by which an organization, or individual, defines the level of risk it wishes to take, measures the level of risk it is taking, and adjusts the latter to equal the former. B is incorrect because derivatives are characterized by a relatively high degree of leverage, meaning that participants in derivatives transactions usually have to invest only a small amount, as opposed to a large amount, of their own capital relative to the value of the underlying. This allows participants to generate returns that are disproportional, as opposed to proportional, to movements in the underlying. C is incorrect because derivatives are not needed to copy strategies that can be implemented with the underlying on a standalone basis. Rather, derivatives can be used to create strategies that cannot be implemented with the underlying alone. Simultaneously taking long positions in multiple highly liquid fixed- income securities is a strategy that can be implemented with the underlying securities on a standalone basis.

还是不懂c选项的意思,还请翻译一下c选项和对应的解析,并解释一下,跪谢~

1 个答案
已采纳答案

xiaowan_品职助教 · 2020年03月24日

嗨,努力学习的PZer你好:


同学你好~这道题考察衍生品的优点;

C选项的意思是同时持有多个高流动性固定收益类资产的多头,也就是long一个由多个固定收益类资产组成的投资组合,

这个组合用市场上已有的投资工具就可以得到,并不需要额外加入衍生品,所以不是衍生品的优点。

这里也回忆一下与之对应的知识点:衍生品的优点之一是可以获得市场上已有的基础资产无法合成的strategy。


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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!


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