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accost · 2020年04月12日

问一道题:NO.PZ2016082405000057

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.

fewer 讲道理是表示更少的意思吧,这不完全相反了吗?

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袁园_品职助教 · 2020年04月23日

多边净额结算最大的好处之一是降低风险敞口,多边净额结算需要CCP参与,双边净额结算不需要,为了降低风险敞口, 所以我们需要CCP,而不是我们需要 “更多的CCP”

你可以理解为如果全世界只有一个CCP,那么是最有效的,因为所有人都来跟他交易,但是如果全世界有一万个CCP,不仅使交易更加分散了,而且这一万个CCP之间很有可能为了争夺客户,产生恶性竞争。

袁园_品职助教 · 2020年04月14日

同学你好!

Fewer 是表示更少的意思,没有问题。

题目问哪个选项会令我们倾向于选择更少的CCP,选项BCD都是令我们倾向于选择 more CCPs,解析里讲的蛮清楚了。

你说的完全相反是指哪里?

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