NO.PZ2018113001000063
问题如下：
Please write at least two trading costs that need to be considered when using derivatives for currency management.
选项：
解释：
Answer:
- The bid/asked transaction cost
- Purchasing options to hedge
- Forward currency contracts: Rolling hedges will typically generate cash inflows or outflows.
- Overhead costs is high
在进行外汇管理的时候，需要考虑的交易成本包括：
1. 由于买卖价差产生的成本。交易要在dealer提供的买卖价差上进行交易，dealer的利润是于这些价差，对应的就是我们的成本。
2. 如果使用期权进行外汇管理的话，购买期权需要支付期权费用。
3.使用远期合约进行对冲时，因为远期合约有到期日，需要不断向前滚动展期，展期的过程中会产生现金流入和流出。如果产生的是现金的流入，则会增加收益降低成本，但是如果产生的是现金的流出就会增加成本。 4.行政管理费用。对冲需要维护必要的交易管理基础设施(人事和技术系统)。这些间接成本可能会成为交易总成本的重要组成部分。
我的回答如下：
First, the option premiums. Derivatives are not for free, and option premiums can be quite expensive if investors choose in-the-money long options. If the direction goes the opposite way, option premiums can be lossed.
Second, the bid-ask transaction costs collected by dealers. When using derivatives for currency management, investors will convert one currency to other ones. The bid-ask costs collected by dealers such as banks cannot be avoided for sure.
Third, the forward currency contracts creates rolling hedges which will repeatedly generate cash inflows and outflows.
Forth, using derivatives requires sufficient human capital and technology system support, which are important constituents of the transaction costs.
请老师看看这段话写的对不对，另外第三部分的rollong hedge我不是很确定，谢谢！
