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Eve · 2020年03月31日

问一道题:NO.PZ2016082405000057 [ FRM II ]

问题如下:

The benefits of multilateral netting versus bilateral netting are dependent on a number of factors. Which of the following factors most strongly suggest the need for fewer central counterparties (CCPs) in a global multilateral netting framework?

选项:

A.

Reduction of risk exposures.

B.

Differences in liquidity for asset classes.

C.

Jurisdictional fragmentation.

D.

Reduction in severe systemic risk.

解释:

A One of the biggest benefits of multilateral netting is the reduction of risk exposures. With fewer CCPs a greater degree of risk reduction is realized due to lower dependencies within and across derivative products. This risk reduction helps mitigate systemic risk. Differences in asset classes related to liquidity would suggest more CCPs are needed to concentrate in specific asset classes. Jurisdictional fragmentation in a global market requires local clearing and thus more CCPs. A monopolistic framework with only a few CCPs could lead to severe systemic risk, in the event that margins and collateral are not sufficient to cover losses.

请问A选项,fewer CCP 带来的lower dependencies within and across derivative products 如何理解呢

1 个答案

袁园_品职助教 · 2020年04月01日

同学你好!

lower dependencies within and across derivative products 就是指由于CCP的存在,大家都不需要互相交割了,而是都跟 CCP 交割,这样交易的透明性,产品的流动性都会得到提高。例如双边交易你必须找到对手方,否则交易无法完成,但是如果有 CCP 你就不用费心去找对手方交易,而是直接跟 CCP 交易就可以了。

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