水同学2024-03-02 07:09:05
水同学衍生Q23，
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Evian, CFA2024-03-05 11:53:24
Evian, CFAヾ(◍°∇°◍)ﾉﾞ你好同学，
Fourie is discussing forward contracts with Patrick Jacob, a new risk analyst at Global Bullion. Jacob is asking about similarities and differences between forward and futures contracts. Fourie makes the following comments to Jacob:
Comment 1 If you are long a futures or forward contract and the price of the underlying has risen, the value of a futures contract is most likely lower than that of the equivalent forward contract.
Comment 2 Forward contracts are marked to market each day, whereas futures contracts are not.
Comment 3 The market value of both futures and forward contracts at initiation is zero.
Which of Fourie’s comments to Jacob is least likely accurate?
A.Comment 1
B.Comment 2
C.Comment 3
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Fourie’s second comment to Jacob regarding marking to market is incorrect. Futures contracts are marked to market each day, whereas forward contracts are not. Comments 1 and 3 are accurate.
期货合约的价值已经体现在了保证金账户，而合约的价值会在每次逐日盯市之后变为0；
由于远期合约不会逐日盯市，于是远期合约的价值是一个大于0的数值；
综上，期货合约的价值为0，远期合约的价值大于0，于是后者价值更大。
A is incorrect. Fourie’s first comment is accurate. Because futures contracts are marked to market daily, profits are paid out and the value is reset to zero. As a result if you are long a contract and the price has risen, the forward contract will likely have a higher value than the futures contract.
C is incorrect. Fourie’s last comment is accurate. The market value of both futures and forward contracts at initiation is zero.
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