NO.PZ2020042003000016
问题如下：
Which of the following statements about the “Economic Function of Markets for Collateral” is NOT correct?
选项：
A. Without the collateral
markets, there would be no way to short a cash security; short positions could
only be created synthetically.
Reverse repo transactions are
used to borrow cash by owners of bonds.
The collateral markets
enhance the ability of firms to borrow money.
Margin lending is primarily used by investors wishing to take leveraged long positions in securities, most often equities
解释：
考点：对Economics of The Collateral Market的理解
答案：B选项描述错误，本题选B。
解析：
在Reverse repo transactions中，是以“买入债券”一方的视角看待的，通常是为了获得Bonds的头寸：They are used to finance long
positions in securities, typically bonds.
而Repo transactions是站在“债券卖出方”的视角看待的，目的是为了获得融资：Repo transactions are usually intended to borrow cash by owners of
bonds.
4个问题如下：
1. short a cash security是什么意思？
2.cash security应该是类似流动性极好的国债？
3.那么short cash security？就是向A银行借钱去把国债买过来，然后先卖到，最后以更低价格给买回来，还给A银行？是这个意思吗？4.就是前提是有抵押品，才能借到钱，然后才能去卖空？
