第六章 Futures and Options on Foreign Exchange：exchange-traded currency futures contracts, options contracts, and options on currency futures, which are not only used by hedgers for hedging against short-term foreign exchange risk, but also used by speculators for speculating through exchange rate fluctuations.6.1Currency Futures:It discusses one famous financial derivative on foreign exchange, currency futures.[单选题]An "option" is 选项:[a contract giving the owner (buyer) of the option the right, but not the obligation, to buy (put) or sell (sell) a given quantity of an asset at a specified price at some time in the future. , a contract giving the owner (buyer) of the option the right, but not the obligation, to buy (call) or sell (put) a given quantity of an asset at a specified price at some time in the future. , a contract giving the owner (buyer) of the option the right, but not the obligation, to buy (put) or sell (call) a given quantity of an asset at a specified price at some time in the future., a contract giving the seller (writer) of the option the right, but not the obligation, to buy (call) or sell (put) a given quantity of an asset at a specified price at some time in the future.]
6.2Currency Options:It discusses one famous financial derivative on foreign exchange, currency option.
6.1Currency Futures:It discusses one famous financial derivative on foreign exchange, currency futures.
6.2Currency Options:It discusses one famous financial derivative on foreign exchange, currency option.
[单选题] Comparing "forward" and "futures" exchange contracts, we can say that选项:[ they are both "marked-to-market" daily., their major difference is in the way the underlying asset is priced for future purchase or sale: futures settle daily and forwards settle at maturity. , both b and c , a futures contract is negotiated by open outcry between floor brokers or traders and is traded on organized exchanges, while forward contract is tailor-made by an international bank for its clients and is traded OTC. ]
[单选题]If a currency futures contract (direct quote) is priced below the price implied by Interest Rate Parity (IRP), arbitrageurs could take advantage of the mispricing by simultaneously 选项:[ going short in the futures contract, borrowing in the domestic currency, and going long in the foreign currency in the spot market., going long in the futures contract, borrowing in the domestic currency, and going short in the foreign currency in the spot market. , going long in the futures contract, borrowing in the foreign currency, and going long in the domestic currency, investing the proceeds at the local rate of interest. , going short in the futures contract, lending in the domestic currency, and going long in the foreign currency in the spot market. ]
[单选题]Yesterday, you entered into a futures contract to buy €62,500 at $1.50 per €. Suppose the futures price closes today at $1.46. How much have you made/lost? 选项:[You have lost $2,500.00. , You have made $2,500.00. , Depends on your margin balance., You have neither made nor lost money, yet. ]
[单选题] Three days ago, you entered into a futures contract to sell €62,500 at $1.50 per €. Over the past three days the contract has settled at $1.50, $1.52, and $1.54. How much have you made or lost?选项:[None of the above , Made $0.04 per € or $2,500 , Lost $0.04 per € or $2,500, Lost $0.06 per € or $3,750 ]
[单选题] Comparing "forward" and "futures" exchange contracts, we can say that选项:[their major difference is in the way the underlying asset is priced for future purchase or sale: futures settle daily and forwards settle at maturity. , a futures contract is negotiated by open outcry between floor brokers or traders and is traded on organized exchanges, while forward contract is tailor-made by an international bank for its clients and is traded OTC. , both b and c , they are both "marked-to-market" daily.]
[单选题]If a currency futures contract (direct quote) is priced below the price implied by Interest Rate Parity (IRP), arbitrageurs could take advantage of the mispricing by simultaneously 选项:[ going short in the futures contract, borrowing in the domestic currency, and going long in the foreign currency in the spot market., going long in the futures contract, borrowing in the foreign currency, and going long in the domestic currency, investing the proceeds at the local rate of interest. , going long in the futures contract, borrowing in the domestic currency, and going short in the foreign currency in the spot market. , going short in the futures contract, lending in the domestic currency, and going long in the foreign currency in the spot market. ]
[单选题]An "option" is 选项:[a contract giving the owner (buyer) of the option the right, but not the obligation, to buy (put) or sell (sell) a given quantity of an asset at a specified price at some time in the future. , a contract giving the owner (buyer) of the option the right, but not the obligation, to buy (call) or sell (put) a given quantity of an asset at a specified price at some time in the future. , a contract giving the owner (buyer) of the option the right, but not the obligation, to buy (put) or sell (call) a given quantity of an asset at a specified price at some time in the future., a contract giving the seller (writer) of the option the right, but not the obligation, to buy (call) or sell (put) a given quantity of an asset at a specified price at some time in the future.]
[单选题] Three days ago, you entered into a futures contract to sell €62,500 at $1.50 per €. Over the past three days the contract has settled at $1.50, $1.52, and $1.54. How much have you made or lost?选项:[ Lost $0.04 per € or $2,500, Made $0.04 per € or $2,500 , Lost $0.06 per € or $3,750 , None of the above ]
[单选题]Yesterday, you entered into a futures contract to buy €62,500 at $1.50 per €. Suppose the futures price closes today at $1.46. How much have you made/lost? 选项:[You have neither made nor lost money, yet. , Depends on your margin balance., You have lost $2,500.00. , You have made $2,500.00. ]
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