FRM P1金融市場與產(chǎn)品重要知識(shí)點(diǎn)-期貨和遠(yuǎn)期

金融市場與產(chǎn)品作為FRM P1考試當(dāng)中占比百分之30的考試科目，可以說是我們備考的重中之重！正保會(huì)計(jì)網(wǎng)校的老師給大家整理了金融市場與產(chǎn)品科目里面的重要知識(shí)點(diǎn)，知識(shí)點(diǎn)搭配例題，幫助大家更好的吸收！今日一起來學(xué)習(xí)期貨和遠(yuǎn)期吧！

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 ?知識(shí)點(diǎn)：期貨和遠(yuǎn)期? 

Forward and Futures

? Forward contract: It is an agreement to buy or sell an asset at a certain future time for a certain price.

? Futures contract: It is also an agreement to buy or sell an asset at a certain future time for a certain price. However, futures contracts are normally traded on an exchange. The exchange specifies certain standardized characteristics of the contract.

?？键c(diǎn)：

1. 期貨是場內(nèi)交易的標(biāo)準(zhǔn)化合約，一手期貨合約價(jià)值=期貨交易價(jià)格*乘數(shù)。不同品種的期貨合約的乘數(shù)不同。

2. 遠(yuǎn)期是場外交易的非標(biāo)準(zhǔn)化合約，可以定制條款。

3. 注意區(qū)分期貨和遠(yuǎn)期的區(qū)別。期貨是場內(nèi)交易，信用風(fēng)險(xiǎn)小，流動(dòng)性好；遠(yuǎn)期是場外交易，信用風(fēng)險(xiǎn)大，流動(dòng)性差。

例題：

The management of bank Z is discussing whether to use exchange-traded instruments or over the-counter trading (OTC) instruments for corporate risk management. What is the characteristic of exchange-traded instruments in comparison?
A. Are privately traded between a bank and a firm.
B. Are standardized in order to promote liquidity in the marketplace.
C. Can be customized to suit the firm’s needs.
D. Contain credit risk by either of the counterparties in the transaction.

【正確答案】B

【答案解析】Exchange-traded instruments cover only certain underlying assets and are quite standardized (e.g., maturities and strike prices) in order to promote liquidity in the marketplace. OTC instruments are privately traded between a bank and a firm and thus can be customized to suit the firm’s risk management needs. In addition, there is credit risk by either of the counterparties (e.g., default risk) that would generally not exist with exchange-traded instruments.

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