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"Derivative"exercise:Derivative instrument
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Questions 1:
A derivative can best be described as a financial instrument that:
A、 duplicates the underlying asset’s performance.
B、 transforms the underlying asset’s performance.
C 、passes through the underlying asset’s returns.
Questions 2:
Which of the following is most likely to be a feature common to both forward and futures contracts?
A、 Daily marking to market of contracts
B 、Standardization of the contract’s terms and conditions
C 、Their use for hedging or speculation
View answer resolution
【Answer to question 1】B
【analysis】
B is correct. The best characterization of a derivative is that it typically transforms the underlying asset’s performance.
A is incorrect. A derivative transforms the performance of the underlying asset rather than duplicating the performance of the underlying asset.
C is incorrect. A derivative transforms the performance of the underlying asset rather than passing through the returns of the underlying asset.
【Answer to question 2】C
【analysis】
C is correct. Both forward and futures contracts can be used for hedging an exposure or speculating on the particular price direction of the underlying security.
A is incorrect. Daily marking to market is a feature associated only with futures contracts.
B is incorrect. Standardized contract terms and conditions are associated only with futures contracts.
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