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发表于 2010-4-26 11:27 | 只看该作者

Reading 67: Derivative Markets and Instruments LOS a习题

table
Session 17: Derivative Investments
Reading 67: Derivative Markets and Instruments

LOS a: Define a derivative and differentiate between exchange-traded and over-the-counter derivatives.

Which of the following is most accurate regarding derivatives?

A)
 Exchange-traded derivatives are created and traded by dealers in a market with no central location.
B)
 Derivatives have no default risk.
C)
 Derivative values are based on the value of another security, index, or rate.


Derivatives “derive” their value from the value or return of another asset or security. Exchange-traded derivatives are standardized and backed by a clearinghouse. An over-the-counter derivative, such as a forward contract or a swap, exposes the derivative holder to the risk that the counterparty may default.

 
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honeycfa

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2#
发表于 2010-4-26 11:28 | 只看该作者

Over-the- counter derivatives:

A)
 have good liquidity in the over-the-counter (OTC) market.
B)
 are backed by the OTC Clearinghouse.
C)
 are customized contracts.


OTC derivative contracts (securities) are customized and have poor liquidity. The contract is with a specific counterparty and there is default risk since there is no clearinghouse to guarantee performance.

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honeycfa

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3#
发表于 2010-4-26 11:28 | 只看该作者

Which of the following is NOT an over-the-counter (OTC) derivative?

A)
 A forward contract.
B)
 A futures contract.
C)
 A bond option.


Futures contracts are exchange-traded; forwards and most bond options are OTC derivatives.

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4#
发表于 2010-4-26 11:28 | 只看该作者

Which of the following definitions involving derivatives is least accurate?

A)
 A call option gives the owner the right to sell the underlying good at a specific price for a specified time period.
B)
 An option writer is the seller of an option.
C)
 An arbitrage opportunity is the chance to make a riskless profit with no investment.


A call option gives the owner the right to buy the underlying good at a specific price for a specified time period.

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honeycfa

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5#
发表于 2010-4-26 11:28 | 只看该作者

Which of the following is most likely an exchange-traded derivative?

A)
 Bond option.
B)
 Equity index futures contract.
C)
 Currency forward contract.


Futures are exchange-traded derivatives. Forward contracts and swaps are over-the-counter derivatives. Bond options are traded almost entirely in the over-the-counter market.

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6#
发表于 2010-4-26 11:29 | 只看该作者

Which of the following is most likely an exchange-traded derivative?

A)
 Bond option.
B)
 Equity index futures contract.
C)
 Currency forward contract.


Futures are exchange-traded derivatives. Forward contracts and swaps are over-the-counter derivatives. Bond options are traded almost entirely in the over-the-counter market.

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honeycfa

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7#
发表于 2010-4-26 11:29 | 只看该作者

A financial instrument that has payoffs based on the price of an underlying physical or financial asset is a(n):

A)
 option.
B)
 future.
C)
 derivative security.


Options and futures are examples of types of derivative securities.

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8#
发表于 2010-4-26 11:29 | 只看该作者

A derivative security:

A)
 is like a callable bond.
B)
 is one that is based on the value of another security.
C)
 has a value dependent on the shape of the yield curve.


A derivative security is one that ‘derives’ its value from that of another security.

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9#
发表于 2010-4-26 11:29 | 只看该作者

Which of the following statements regarding exchange-traded derivatives is FALSE? Exchange-traded derivatives:

A)
 often trade in a physical location.
B)
 are standardized contracts.
C)
 are illiquid.


Derivatives that trade on exchanges have good liquidity in most cases. They have the other characteristics listed.

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