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LHY · 2020年08月16日

问一道题:NO.PZ2020042003000052 [ FRM II ]

问题如下:

Many FMUs have developed innovative ways toclear and settle transactions that reduce the overall operating liquidityrequired by the system (i.e., liquidity savings mechanism). About the liquiditysavings mechanism, which of the following is NOT correct?

选项:

A.

These tactics essentiallyincrease transaction throughput for a given amount of liquidity by reducing thesize of settlement positions (and settlement risk) and minimizing the cost ofidle liquidity for a participant.

B.

Examples of liquidity savings mechanisms includetransaction netting (bilateral and multilateral)

C.

FMUs use transaction throughput requirements (e.g.,requiring a certain percentage of outgoing transactions to be submitted by amid-day deadline) to achieve liquidity savings mechanisms.

D.

In a deteriorating credit situation, an FMU maybegin to monitor a participant’s risk position and its initial and variationmargin collateral values in real-time to ensure sufficient coverage.

解释:

考点:对FMU Tools to Manage Intraday SettlementRisk的理解

答案:D

解析:

选项ABC属于FMU管理Intraday settlement riskLiquidity savings mechanism方法,而选项D是属于管理Intraday settlement risk中通过Collateral管理风险。

A 为啥会本质上增加transaction呢,像netting不是减少交易吗?

1 个答案
已采纳答案

品职答疑小助手雍 · 2020年08月16日

嗨,爱思考的PZer你好:


它不是单纯的说增加交易量,而是说增加在给定流动性的前提下处理的交易笔数那种感觉,可以想成每次一有交易就结算,而是把交易存起来一次性去结算。落脚点是降低结算风险的管理,没有单纯的说交易量的增加或减少。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!