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Libra🍀 · 2020年11月25日

问一道题：NO.PZ2018062007000059

  1. CFA I
  2. Derivative

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.

C选项有点不太明白

  1. 当long的那一方需要asset的时候，这个asset是不是指的cash
  2. 现金交割不同于实物交割，现金交割是指交割cash，那为什么付的不是差价而是forward price。比如，老师上课说的买水，只有当实物交割的时候，才付3.5；现金交割，只需要出多出来的0.5就可以。为什么这里还是需要支付完整的forward price
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1 个答案

丹丹_品职答疑助手 · 2020年11月26日

嗨，爱思考的PZer你好：


同学你好，这个的意思应该是physical asset。

c选项的意思是如果使用现金结算，那么买方在市场上获得的资产，付出价格，相当于支付的是其标的的远期价格。本身买卖双方就是对资产远期价格的约定，双方都是基于对交割当天价格的一个预期进行交易。


-------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！


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