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candally · 2020年10月29日

问一道题:NO.PZ2016082405000044

问题如下:

Which of the following statements regarding counterparty credit risk is most accurate?

选项:

A.

Counterparty risk is unilateral.

B.

Over-the-counter (OTC) derivatives contain less counterparty risk than exchange-traded derivatives because the counterparty is known.

C.

The precise future value of the contract is uncertain, but the counterparties are aware of whether the future value will be positive or negative.

D.

Counterparty risk is typically associated with counterparty default prior to the settlement rather than default during the settlement process.

解释:

D Counterparty risk is a bilateral risk in that both parties are unaware of the eventual value of the contract and they do not know whether they will earn a profit or loss. For exchange- traded derivatives, the counterparty is the exchange, which effectively mitigates counterparty risk. While counterparty default can happen presettlement and during settlement, counterparty risk typically applies to the risk of default prior to settlement.

老师,这题B怎么理解?为啥是错的呢?

1 个答案

品职答疑小助手雍 · 2020年10月30日

嗨,从没放弃的小努力你好:


后半句说的情况没有错,OTC的交易,对手方是谁确实是知道的,但是这并不意味着这笔交易的对手方风险就比交易所交易的小。

交易所交易有严格的要求和保证金机制,也是由监管束缚着的。

而OTC的合约履行是双方私下里的合同义务,约束力没有交易所交易的那么强,所以对手方风险的话,OTC的交易肯定是比交易所交易大的。

 


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