2008 CFA Level 1 － Sample 样题(2)－Q47 black

bingning

47、A private agreement between two parties to exchange a series of future cash flows, with at least one of the two series of cash flows determined by a later outcome, is best characterized as a(n):

A. swap.

B. futures contract.

C. exchange-traded contingent claim.

D. over-the-counter contingent claim.

[此贴子已经被作者于2008-11-7 13:08:44编辑过]

bingning

47、A private agreement between two parties to exchange a series of future cash flows, with at least one of the two series of cash flows determined by a later outcome, is best characterized as a(n):

A. swap.

B. futures contract.

C. exchange-traded contingent claim.

D. over-the-counter contingent claim.

  
Correct answer = A

"Derivative Markets and Instruments," Don M. Chance
2008 Modular Level I, Vol. 6, pp. 8-13
Study Session 17-70-b
define a forward commitment and a contingent claim, and describe the basic characteristics of forward contracts, futures contracts, options (calls and puts), and swaps
A swap is equivalent to a series of forward contracts. 

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