不应该是基于过去签的合同来计算吗？为什么答案是基于Today的bid-offer来计算今天的流出金额？

NO.PZ201601050100001501 问题如下 termine whitype of hee instrument combination is most appropriate for Rivera’s situation. Justify your selection. The hee instrument combination most appropriate for Rivera’s portfolio is a namic forwarhee for the reasons notebelow.First, a namic hee is most appropriate here. A static hee (i.e., unchanging hee) will avoitransaction costs but will also tento accumulate unwantecurrenexposures the value of the foreign-currenassets change. This characteristic will cause a mismatbetween the market value of the foreigncurrenasset portfolio anthe nominsize of the forwarcontrausefor the currenhee; this is pure currenrisk. Given this potentimismatanbecause both Rivera anlga are risk averse, lga shoulimplement a namic hee rebalancing the portfolio least on a monthly basis.lga must assess the cost–benefit tra-offs of how frequently to namically rebalanthe hee. This pen on a variety of factors (manager risk aversion, market view, IPS guilines). The higher the gree of risk aversion, the more frequently the hee is likely to rebalancebato the “neutral” hee ratio.A forwarcontrais more suitable because in comparison to a futures contract, a forwarcontrais more flexible in terms of currenpair, settlement te, antransaction amount. Forwarcontracts are also simpler thfutures contracts from ainistrative stanoint owing to the absenof margin requirements, recing portfolio management expense. Finally, forwarcontracts are more liquithfutures for trang in large sizes because the ily tra volume for OTC currenforwarcontracts arfs those for exchange-trafutures contracts.中文解析最适合Rivera投资组合的对冲工具组合是动态远期对冲，原因如下首先，这里最适合使用动态对冲。静态对冲虽然成本低，也会随着外币资产价值的变化而累积不必要的货币风险。这一特征将导致外国货币资产组合的市场价值与用于货币对冲的远期合约的名义规模之间产生错配，也就是货币风险。因此lga应该实施动态对冲，至少每月重新平衡投资组合。lga必须评估如何频繁地动态调整对冲的成本效益。这取决于多种因素(经理人风险厌恶、市场观点、IPS指导方针)。风险厌恶程度越高，对冲就越有可能频繁地重新平衡至“中性”对冲比率。远期合约更合适，因为与期货合约相比，远期合约在货币组合、结算日期和交易金额方面更灵活。从管理的角度来看，远期合同也比期货合同简单，因为没有保证金要求，减少了投资组合管理费用。最后，在大规模交易中，远期合约的流动性比期货合约更强，因为场外外汇远期合约的日交易量超过了交易所交易的期货合约。

NO.PZ201601050100001501 问题如下 termine whitype of hee instrument combination is most appropriate for Rivera’s situation. Justify your selection. The hee instrument combination most appropriate for Rivera’s portfolio is a namic forwarhee for the reasons notebelow.First, a namic hee is most appropriate here. A static hee (i.e., unchanging hee) will avoitransaction costs but will also tento accumulate unwantecurrenexposures the value of the foreign-currenassets change. This characteristic will cause a mismatbetween the market value of the foreigncurrenasset portfolio anthe nominsize of the forwarcontrausefor the currenhee; this is pure currenrisk. Given this potentimismatanbecause both Rivera anlga are risk averse, lga shoulimplement a namic hee rebalancing the portfolio least on a monthly basis.lga must assess the cost–benefit tra-offs of how frequently to namically rebalanthe hee. This pen on a variety of factors (manager risk aversion, market view, IPS guilines). The higher the gree of risk aversion, the more frequently the hee is likely to rebalancebato the “neutral” hee ratio.A forwarcontrais more suitable because in comparison to a futures contract, a forwarcontrais more flexible in terms of currenpair, settlement te, antransaction amount. Forwarcontracts are also simpler thfutures contracts from ainistrative stanoint owing to the absenof margin requirements, recing portfolio management expense. Finally, forwarcontracts are more liquithfutures for trang in large sizes because the ily tra volume for OTC currenforwarcontracts arfs those for exchange-trafutures contracts.中文解析最适合Rivera投资组合的对冲工具组合是动态远期对冲，原因如下首先，这里最适合使用动态对冲。静态对冲虽然成本低，也会随着外币资产价值的变化而累积不必要的货币风险。这一特征将导致外国货币资产组合的市场价值与用于货币对冲的远期合约的名义规模之间产生错配，也就是货币风险。因此lga应该实施动态对冲，至少每月重新平衡投资组合。lga必须评估如何频繁地动态调整对冲的成本效益。这取决于多种因素(经理人风险厌恶、市场观点、IPS指导方针)。风险厌恶程度越高，对冲就越有可能频繁地重新平衡至“中性”对冲比率。远期合约更合适，因为与期货合约相比，远期合约在货币组合、结算日期和交易金额方面更灵活。从管理的角度来看，远期合同也比期货合同简单，因为没有保证金要求，减少了投资组合管理费用。最后，在大规模交易中，远期合约的流动性比期货合约更强，因为场外外汇远期合约的日交易量超过了交易所交易的期货合约。 请问这题中的forwarrate basis 和视屏讲解中的原版书题的数字为什么不一样？

NO.PZ201601050100001501 问题如下 termine whitype of hee instrument combination is most appropriate for Rivera’s situation. Justify your selection. The hee instrument combination most appropriate for Rivera’s portfolio is a namic forwarhee for the reasons notebelow.First, a namic hee is most appropriate here. A static hee (i.e., unchanging hee) will avoitransaction costs but will also tento accumulate unwantecurrenexposures the value of the foreign-currenassets change. This characteristic will cause a mismatbetween the market value of the foreigncurrenasset portfolio anthe nominsize of the forwarcontrausefor the currenhee; this is pure currenrisk. Given this potentimismatanbecause both Rivera anlga are risk averse, lga shoulimplement a namic hee rebalancing the portfolio least on a monthly basis.lga must assess the cost–benefit tra-offs of how frequently to namically rebalanthe hee. This pen on a variety of factors (manager risk aversion, market view, IPS guilines). The higher the gree of risk aversion, the more frequently the hee is likely to rebalancebato the “neutral” hee ratio.A forwarcontrais more suitable because in comparison to a futures contract, a forwarcontrais more flexible in terms of currenpair, settlement te, antransaction amount. Forwarcontracts are also simpler thfutures contracts from ainistrative stanoint owing to the absenof margin requirements, recing portfolio management expense. Finally, forwarcontracts are more liquithfutures for trang in large sizes because the ily tra volume for OTC currenforwarcontracts arfs those for exchange-trafutures contracts.中文解析最适合Rivera投资组合的对冲工具组合是动态远期对冲，原因如下首先，这里最适合使用动态对冲。静态对冲虽然成本低，也会随着外币资产价值的变化而累积不必要的货币风险。这一特征将导致外国货币资产组合的市场价值与用于货币对冲的远期合约的名义规模之间产生错配，也就是货币风险。因此lga应该实施动态对冲，至少每月重新平衡投资组合。lga必须评估如何频繁地动态调整对冲的成本效益。这取决于多种因素(经理人风险厌恶、市场观点、IPS指导方针)。风险厌恶程度越高，对冲就越有可能频繁地重新平衡至“中性”对冲比率。远期合约更合适，因为与期货合约相比，远期合约在货币组合、结算日期和交易金额方面更灵活。从管理的角度来看，远期合同也比期货合同简单，因为没有保证金要求，减少了投资组合管理费用。最后，在大规模交易中，远期合约的流动性比期货合约更强，因为场外外汇远期合约的日交易量超过了交易所交易的期货合约。 namic forwareeto rebalanmonthly, therefore shoulchoose namic.forwaris OTlower cost, more flexibility, no margin requirement, thus choose forwar另外，有点不记得risk averse跟选择namic有什么关系？是哪个知识点？

NO.PZ201601050100001501问题如下 termine whitype of hee instrument combination is most appropriate for Rivera’s situation. Justify your selection. The hee instrument combination most appropriate for Rivera’s portfolio is a namic forwarhee for the reasons notebelow.First, a namic hee is most appropriate here. A static hee (i.e., unchanging hee) will avoitransaction costs but will also tento accumulate unwantecurrenexposures the value of the foreign-currenassets change. This characteristic will cause a mismatbetween the market value of the foreigncurrenasset portfolio anthe nominsize of the forwarcontrausefor the currenhee; this is pure currenrisk. Given this potentimismatanbecause both Rivera anlga are risk averse, lga shoulimplement a namic hee rebalancing the portfolio least on a monthly basis.lga must assess the cost–benefit tra-offs of how frequently to namically rebalanthe hee. This pen on a variety of factors (manager risk aversion, market view, IPS guilines). The higher the gree of risk aversion, the more frequently the hee is likely to rebalancebato the “neutral” hee ratio.A forwarcontrais more suitable because in comparison to a futures contract, a forwarcontrais more flexible in terms of currenpair, settlement te, antransaction amount. Forwarcontracts are also simpler thfutures contracts from ainistrative stanoint owing to the absenof margin requirements, recing portfolio management expense. Finally, forwarcontracts are more liquithfutures for trang in large sizes because the ily tra volume for OTC currenforwarcontracts arfs those for exchange-trafutures contracts.中文解析最适合Rivera投资组合的对冲工具组合是动态远期对冲，原因如下首先，这里最适合使用动态对冲。静态对冲虽然成本低，也会随着外币资产价值的变化而累积不必要的货币风险。这一特征将导致外国货币资产组合的市场价值与用于货币对冲的远期合约的名义规模之间产生错配，也就是货币风险。因此lga应该实施动态对冲，至少每月重新平衡投资组合。lga必须评估如何频繁地动态调整对冲的成本效益。这取决于多种因素(经理人风险厌恶、市场观点、IPS指导方针)。风险厌恶程度越高，对冲就越有可能频繁地重新平衡至“中性”对冲比率。远期合约更合适，因为与期货合约相比，远期合约在货币组合、结算日期和交易金额方面更灵活。从管理的角度来看，远期合同也比期货合同简单，因为没有保证金要求，减少了投资组合管理费用。最后，在大规模交易中，远期合约的流动性比期货合约更强，因为场外外汇远期合约的日交易量超过了交易所交易的期货合约。 老师 forwar用交保证金吗 这跟前面某一道题好像矛盾了

NO.PZ201601050100001501 问题如下 termine whitype of hee instrument combination is most appropriate for Rivera’s situation. Justify your selection. The hee instrument combination most appropriate for Rivera’s portfolio is a namic forwarhee for the reasons notebelow.First, a namic hee is most appropriate here. A static hee (i.e., unchanging hee) will avoitransaction costs but will also tento accumulate unwantecurrenexposures the value of the foreign-currenassets change. This characteristic will cause a mismatbetween the market value of the foreigncurrenasset portfolio anthe nominsize of the forwarcontrausefor the currenhee; this is pure currenrisk. Given this potentimismatanbecause both Rivera anlga are risk averse, lga shoulimplement a namic hee rebalancing the portfolio least on a monthly basis.lga must assess the cost–benefit tra-offs of how frequently to namically rebalanthe hee. This pen on a variety of factors (manager risk aversion, market view, IPS guilines). The higher the gree of risk aversion, the more frequently the hee is likely to rebalancebato the “neutral” hee ratio.A forwarcontrais more suitable because in comparison to a futures contract, a forwarcontrais more flexible in terms of currenpair, settlement te, antransaction amount. Forwarcontracts are also simpler thfutures contracts from ainistrative stanoint owing to the absenof margin requirements, recing portfolio management expense. Finally, forwarcontracts are more liquithfutures for trang in large sizes because the ily tra volume for OTC currenforwarcontracts arfs those for exchange-trafutures contracts.中文解析最适合Rivera投资组合的对冲工具组合是动态远期对冲，原因如下首先，这里最适合使用动态对冲。静态对冲虽然成本低，也会随着外币资产价值的变化而累积不必要的货币风险。这一特征将导致外国货币资产组合的市场价值与用于货币对冲的远期合约的名义规模之间产生错配，也就是货币风险。因此lga应该实施动态对冲，至少每月重新平衡投资组合。lga必须评估如何频繁地动态调整对冲的成本效益。这取决于多种因素(经理人风险厌恶、市场观点、IPS指导方针)。风险厌恶程度越高，对冲就越有可能频繁地重新平衡至“中性”对冲比率。远期合约更合适，因为与期货合约相比，远期合约在货币组合、结算日期和交易金额方面更灵活。从管理的角度来看，远期合同也比期货合同简单，因为没有保证金要求，减少了投资组合管理费用。最后，在大规模交易中，远期合约的流动性比期货合约更强，因为场外外汇远期合约的日交易量超过了交易所交易的期货合约。 如题。