NO.PZ2016082405000107
问题如下:
Which of the following statements regarding counterparty risk and lending risk is correct?
选项: For an interest-rate swap,
counterparty risk exists because default may occur at the end of the contract
term.
With counterparty risk, there is uncertainty as to which counterparty will have a negative mark-to-market value.
C.Lending risk involves bilateral risks.
D.With lending risk, the principal amount at risk is known with absolute certainty at the outset.
解释:
B With counterparty risk, there is uncertainty regarding which counterparty will have a negative MtM value. For an interest-rate swap, there is no counterparty risk at the end of the contract term because all payments required by the contract would have been made by then. With lending risk, only one party (unilateral) takes on risk. In addition, the principal amount at risk is known only with reasonable certainty at the outset because changes in interest rates, for example, will lead to some uncertainty.
1.上一次提问我表达了关于D的看法:
感觉D说的绝对确定是没错的啊。我理解在放出去后,本金会随着利率变化或者提前还款变化。但是D选项已经说了“at the outset”最初的时候,最初的时候我放的本金,我自己都不确定是多少吗?我放1000万,那就是绝对的1000万啊,at the outset。如果说after the outset那我就理解不是绝对的。所以为什么不能选D
2.而B对于对手方风险的描述,我觉得对手方风险的承担主体是赚钱的那个,所以关键点在于uncertainty of positive mark-to-market value,而不是negative。negative太间接了,只能证明说谁不承担对手方风险而已,我们要找的应该是positive承担对手方风险的那个才对吧。
3.综上所诉,为啥不选B要选D