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欢欢 · 2021年11月23日

能否具体解释下现金交割和实物交割的区别?

NO.PZ2018062007000059

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.

中文解析:

A错,因为以现金结算的远期合同或以交货结算的远期合同具有相同的经济效果。

B错,B选项的意思是 Non- deliverable forwards 和 contracts for differences 有不同的交割方式,然而它们都是现金交割的,所以B选项不对。其中contract for difference是差价合约的意思,简称CFD,是一种衍生工具,用来交易标的资产的价格变化,它是现金交割的。

C对,在现金结算的情况下,多头可以获得该资产,有效支付的价格即为远期价格F0(T)

现金交割也是要收到实物asset吗,概念好像没太理解。

3 个答案
已采纳答案

lynn_品职助教 · 2021年11月23日

嗨,努力学习的PZer你好:


现金交割,其实更多的是针对于标的为期货现货的产品,比如常见的商品期权里的白糖,豆粕,玉米之类的。这类交割方式是期权卖方实际上手中并没有持有标的商品,在这样的情况下进行实物交割是比较麻烦的。所以就需要卖方先去购买标的商品,才可以进行行权。

实物交割就是指期货买卖双方交收实物资产来了结期货投资,比如你持有规格为1万吨的豆油期货多头合约,在交割的时候你就要真的买入1万吨的豆油,而你的对手方就要卖给你1万吨豆油 。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

欢欢 · 2021年11月26日

也就是现金交割的目的不是为了实物交易,而且为了赚取差价的利润是吗?

欢欢 · 2021年11月26日

“在现金结算的情况下,多头可以获得该资产”C选项这里的资产是指future而不是大豆什么的是吧?

lynn_品职助教 · 2021年12月02日

嗨,努力学习的PZer你好:


对的,是这样。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

lynn_品职助教 · 2021年11月26日

嗨,从没放弃的小努力你好:


这里是forward,所以不是大豆什么的。知识点见如下:


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加油吧,让我们一起遇见更好的自己!

欢欢 · 2021年12月02日

也就是现金交割的目的不是为了实物交易,而是为了赚取差价的利润吗?

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