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Churning · 2020年04月17日

问一道题:NO.PZ2018062007000088

问题如下:

Which of the following statements regarding the settlement of forward contracts is correct?

选项:

A.

Contract settlement by cash has different economic effects from those of a settlement by delivery.

B.

Non- deliverable forwards and contracts for differences have distinct settlement procedures.

C.

At cash settlement, when the long party acquires the asset in the market, it effectively pays the forward price.

解释:

C is correct. In the case of cash settlement, the long can acquire the asset, effectively paying the forward price, F0(T). A is incorrect because forward contracts settled by cash or by delivery have the same economic effect.

B is incorrect because both non- deliverable forwards and contracts for differences can settle by an exchange of cash.

老师问下 这个C选项不应该是实物交割吗 cash交割不是没有实物的吗

2 个答案
已采纳答案

xiaowan_品职助教 · 2020年04月17日

嗨,从没放弃的小努力你好:


同学你好,这道题C选项的意思是,如果是现金交割,short的一方交割给long的一方的是cash,金额为ST,

long的一方如果需要在市场中买asset,就可以用现金交割来的cash在现货市场购买asset,而实际上long的一方付出的成本是他原本付出的forward price。


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努力的时光都是限量版,加油!


我叫仙人涨 · 2020年04月18日

老师,short一方应该给forward price 和ST的差价吧,long的一方再去市场上买用市场价格ST买,effectively 支付了forward price 的价格

xiaowan_品职助教 · 2020年04月18日

是的同学,交割时按照short方付ST,long方付F0(T),   最终实际现金交割的部分是价差ST-F0(T)。