24周年

财税实务 高薪就业 学历教育
APP下载
APP下载新用户扫码下载
立享专属优惠

安卓版本:8.7.50 苹果版本:8.7.50

开发者:北京正保会计科技有限公司

应用涉及权限:查看权限>

APP隐私政策:查看政策>

HD版本上线:点击下载>

"Derivative"exercise:swap

来源: 正保会计网校 编辑:小鞠橘桔 2020/12/14 11:31:46 字体:

学习是一个不断积累的过程,每天学习一点,每天进步一点!为了帮助大家更高效地备考2021年CFA考试,正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试,梦想成真!

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=时间+方法,自制力是这个等式的保障。世上无天才,高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩,其成绩背后无比寂寞的勤奋。小编相信,每天都在勤奋练习,即使是一点点的进步,大家一定可以成为人人称赞的“牛人”。

点击了解更多CFA考试资讯>>

免费试听

特许金融分析师限时免费资料

  • CFA报考指南

    CFA报考指南

  • CFA考试大纲

    CFA考试大纲

  • CFA历年

    CFA历年

  • CFA学习计划

    CFA学习计划

  • CFA思维导图

    CFA思维导图

  • CFA备考建议

    CFA备考建议

回到顶部
折叠
网站地图

Copyright © 2000 - www.chinaacc.com All Rights Reserved. 北京正保会计科技有限公司 版权所有

京B2-20200959 京ICP备20012371号-7 出版物经营许可证 京公网安备 11010802044457号

报考小助理

备考问题
扫码问老师