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CFA一級(jí)衍生品真題解析derivative market

發(fā)布時(shí)間：2025-07-04 14:52編輯：融躍教育CFA

【題目1】

If the risk-free rate increases, the value of an in-the-money European put option will most likely:

A decrease.

B remain the same.

C increase.

答案：A

解析：A iscorrect.

關(guān)聯(lián)考點(diǎn)：European put option

易錯(cuò)點(diǎn)分析：看跌期權(quán)是未來以執(zhí)行價(jià)格X賣出某種資產(chǎn)的權(quán)利。隨著無風(fēng)險(xiǎn)利率的增加，X的現(xiàn)值減少，從而導(dǎo)致期權(quán)的價(jià)值下降。

【題目2】

Compared with the underlying spot market, derivative markets are more likely to have:

A greater liquidity.

B higher transaction costs.

C higher capital requirements.

答案：A

解析： A iscorrect.

關(guān)聯(lián)考點(diǎn)：spot market and derivative market

易錯(cuò)點(diǎn)分析：

在現(xiàn)貨市場，交易是基于實(shí)物資產(chǎn)進(jìn)行的，雙方一手交錢一手交貨。當(dāng)交易量巨大，且交易成本較高時(shí)，可能會(huì)面臨找不到賣方或買方的情況，導(dǎo)致交易不能迅速成交。相比之下，衍生品市場具有較低的資本要求和交易成本。衍生品合約可以相對(duì)容易地被創(chuàng)建，且可以通過進(jìn)行反向操作來終止合約，因此衍生品市場通常擁有更高的流動(dòng)性。

關(guān)鍵詞： CFA一級(jí)真題

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