新用戶掃碼下載
掃碼下載APP
及時接收最新考試資訊及
備考信息
"Derivative"exercise:swap
學習是一個不斷積累的過程，每天學習一點，每天進步一點！為了幫助大家更高效地備考2021年CFA考試，正保會計網(wǎng)校每日為大家上新CFA習題供大家練習。讓網(wǎng)校與您一起高效備考2021年CFA考試，夢想成真！
Questions 1:
Which of the following derivatives is least likely to be classified as a contingent claim?
A、 A futures contract
B 、A call option contract
C、 A credit default swap
Questions 2:
A corporation issues five-year fixed-rate bonds. Its treasurer expects interest rates to decline for all maturities for at least the next year. She enters into a one-year agreement with a bank to receive quarterly fixed-rate payments and to make payments based on floating rates benchmarked on three-month Libor. This agreement is best described as a:
A、 futures contract.
B 、forward contract.
C、 swap.
View answer resolution
【Answer to question 1】A
【analysis】
A is correct. A futures contract is classified as a forward commitment in which the buyer undertakes to purchase the underlying asset from the seller at a later date and at a price agreed on by the two parties when the contract is initiated.
B is incorrect. A call option contract is a contingent claim in which the buyer of the option has a right to purchase the underlying asset at a fixed price on or before a prespecified expiration date.
C is incorrect. A credit default swap is a contingent claim in which the credit protection seller provides protection to the credit protection buyer against the credit risk of a third party.
【Answer to question 2】C
【analysis】
C is correct. A swap is a series of forward payments. Specifically, a swap is an agreement between two parties to exchange a series of future cash flows. The corporation receives fixed interest rate payments and makes variable interest rate payments. Given that the contract is for one year and the floating rate is based on three-month Libor, at least four payments will be made during the year.
A is incorrect. A forward contract includes one payment only. The swap described has a series of four quarterly payments.
B is incorrect. The instrument described is a swap.
成功=時間+方法，自制力是這個等式的保障。世上無天才，高手都是來自刻苦的練習。而人們經(jīng)常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習，即使是一點點的進步，大家一定可以成為人人稱贊的“牛人”。
學員討論（0）
推薦閱讀
新用戶掃碼下載
京公網(wǎng)安備 11010802044457號
