题目
What can be said about the settlement risk of a Eurodollar futures contract and a FRA with the same term?
选项
A.The Eurodollar futures contract and a FRA have the same settlement risk.
B.The Eurodollar futures contract has less settlement risk than a FRA.
C.The Eurodollar futures contract has more settlement risk than a FRA.
D.The Eurodollar futures contract may have more or less settlement risk depending on.
答案
B
解析
Generally speaking, settlement risk is the risk that one of the counterparties to a derivatives transaction will fail to perform when the contract matures. FRAs are OTC traded instruments, and thus have more settlement risk than Eurodollar futures contracts which are exchange traded, marked-to-market daily, and backed by a clearinghouse. 一般来说，结算风险是指衍生品交易的对手方之一在合约到期后无法履行合约的风险。FRA是一种场外交易工具，因此比欧洲美元期货合约的结算风险更大。欧洲美元期货合约是在交易所交易的，每日按市价结算，并由清算所担保。