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115833 · 2024年04月05日

最新的考纲有没有该知识点了？解析没看懂

  1. CFA I
  2. Derivative

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)

最新的考纲有没有该知识点了？解析没看懂

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1 个答案

pzqa35 · 2024年04月07日

嗨，努力学习的PZer你好：


题目中问的是关于forward结算正确的是哪一个。

A选项说现金交割和实物交割的经济效果是不同的，这个是错误的哈，这只是交割方式的不同而已，不影响forward的结算价值。

B选项说Non- deliverable forwards 和 contracts for differences 有不同的交割方式， 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，它和Non- deliverable forwards都是采用现金交割的，因此B选项也不对。

C选项说在现金交割的情况下，多头最终买入标的资产的价格是forward price，我们在签订forward合约时，就约定long方在未来支付forward price，获得标的资产，因此这个选项是对的。

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努力的时光都是限量版，加油！

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