z这题A为什么不对？

问题如下：

Which of the following statements about credit default swaps is most accurate?

选项：

CDSs transfer credit risk and market risk from the protection buyer to the protection seller.

CDSs transfer credit risk from the protection buyer to the issuer of the underlying credit.

Physical settlement requires knowledge of the post-default market price.

Cash settlement avoids the problem of a delivery squeeze.

解释：

D One advantage of the cash settlement procedure is that no securities are actually traded so the risk of delivery squeeze (i.e., rising price as protection buyers purchase reference entities in the open market) is negligible.