NO.PZ2016082402000057
问题如下:
A long position in a 2 x 5 FRA is equivalent to the following positions in the spot market:
选项: Borrowing in two months to finance a
five-month investment
Borrowing in five months to finance a two-month investment
C.Borrowing half a loan amount at two months and the remainder at five months
D.Borrowing in two months to finance a three-month investment
解释:
ANSWER: B
An FRA defined as involves a forward rate starting at time and ending at time The buyer of this FRA locks in a borrowing rate for months 3 to 5. This is equivalent to borrowing for five months and reinvesting the funds for the first two months.
borrow in 5 months意思是在五个月内借钱,老师可以google翻译一下。
borrow for 5 months 借了5个月的钱。
这道题站在0时刻应该是现在签了一个2个月后生效的合约,合约期限为3个月的贷款合约。3、4、5月,应该是三个月吧。