91、A futures trader must deposit an additional amount of money into a margin account at the clearinghouse if the margin account ending balance is below the: Select exactly 1 answer(s) from the following:
A. initial margin requirement. B. variation margin requirement. C. maintenance margin requirement. D. amount of the loan borrowed from the clearinghouse.
92、A futures trader goes long one futures contract at $450. The settlement price 1 day before expiration is $500. On expiration day, the future is trading at $505. The least likely way the futures trader will lock in her profits on expiration is: Select exactly 1 answer(s) from the following:
A. take delivery of the underlying asset and pay $500 to the short. B. close out the futures position by selling the futures contract at $505. C. take delivery of the underlying asset and pay the expiration settlement price to the short. D. cash settle the futures and receive the difference between $500 and the expiration settlement price.
93、A description that will least likely be used to explain put-call parity is: Select exactly 1 answer(s) from the following:
A. the prices of calls and puts on an underlying asset must be consistent with each other to remove arbitrage opportunities. B. a fiduciary call option strategy and a protective put option strategy for an underlying asset are equal in value. C. a put is equivalent to a long call, a long position in the underlying asset, and a long position in the risk-free asset. D. a call is equivalent to a long put, a long position in the underlying asset, and a short position in the risk-free asset.
94、The effects on the price of a call option from an increase in volatility and an increase in interest rates are: | Increase in Volatility | Increase in Interest Rates | A. | Decrease | Increase | B. | Increase | Increase | C. | Increase | Decrease | D. | Increase | No impact |
Select exactly 1 answer(s) from the following:
A. AnswerA. B. AnswerB. C. AnswerC. D. AnswerD.
95、A market participant has a view regarding the potential movement of a stock. He sells a customized over-the-counter put option on the stock when the stock is trading at $38. The put has an exercise price of $36 and the put seller receives $2.25 in premium. The price of the stock is $35 at expiration. The profit or loss for the put seller at expiration is: Select exactly 1 answer(s) from the following:
A. ($1.25). B. $1.00. C. $1.25. D. $2.25.
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发表于 2008-11-6 15:04
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