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Reading 68: Derivative Markets and Instruments-LOS a 习题精选

Session 17: Derivatives
Reading 68: 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)
Derivative values are based on the value of another security, index, or rate.
B)
Exchange-traded derivatives are created and traded by dealers in a market with no central location.
C)
Derivatives have no default risk.


 

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.

Over-the- counter derivatives:

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


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.

TOP

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

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


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

TOP

Which of the following definitions involving derivatives is least accurate?

A)
An option writer is the seller of an option.
B)
A call option gives the owner the right to sell the underlying good at a specific price for a specified time period.
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.

TOP

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

A)
Equity index futures contract.
B)
Bond option.
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.

TOP

A derivative security:

A)
has a value based on another security or index.
B)
has no default risk.
C)
has a value based on stock prices.


This is the definition of a derivative security. Those based on stock prices are equity derivatives.

TOP

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

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


Options and futures are examples of types of derivative securities.

TOP

A derivative security:

A)
is one that is based on the value of another security.
B)
is like a callable bond.
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.

TOP

Which of the following statements regarding exchange-traded derivatives is NOT correct? Exchange-traded derivatives:

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


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

TOP

thanks a lot

TOP

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