老师讲信用风险时候，讲了衍生产品的风险为交易对手风险，贷款为借贷风险。区别就是方向，现金流和敞口不确定。我想问一下交易型债券投资，它虽然方向确定，但是敞口，现金流不确定，和期权有点像，可既不属于贷款又不属于衍生品，那交易型债券属于哪种风险呀？

老师 请问，是因为标的资产持有方担心价值下降，所以买的是put？

老师，这一题理解有点难度，尤其是第三问，麻烦您详细解答下，谢谢！

老师，第9题，跨境时时支付，比如以区块链技术为基础的加密货币全球（汇款）支付，区块链技术在应用中一个缺点不就是存在滞后么？请您解答，谢谢！

选项D使得问题更加复杂了，而题干是mapping后使得问题简化，所以选项D不对。

50分51,秒的位置，为什么ρ=-1, 只有1st to default会违约？

还不太懂为什么足够多的granular时，credit loss的波动率为0，credit var 为0？

老师，我还是不懂为什么credit Var 随违约率上升而上升？

不理解为何是the basis-point volatility of the short rate ？ A risk manager is constructing a term structure model and intends to use the Cox-Ingersoll-Roll Model. Which of the following describes this model? A The model presumes that the volatility of the short rate will increase at a predetermined rate. B The model presumes that the volatility of the short rate will decline exponentially to a constant level. C The model presumes that the basis-point volatility of the short rate will be proportional to the rate. D The model presumes that the basis-point volatility of the short rate will be proportional to the square root of the rate.

B为什么不对，久期不能理解为平均到期时间吗？ n fixed income portfolio mapping, when the risk factors have been selected, which of the following mapping approaches requires that one risk factor be chosen that corresponds to average portfolio maturity? A Principal mapping B Duration mapping C Convexity mapping D Cash mapping