"Derivative"exercise:Examples of derivatives
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Questions 1:
Which of the following attributes is least likely to be a requirement for the existence of riskless arbitrage? The underlying security:
A 、can be sold short.
B 、is a financial asset.
C、 is relatively liquid.
Questions 2:
Which of the following is least likely to be an example of a derivative?
A、 An exchange-traded fund
B、 A contract to sell Alphabet Inc.’s shares at a fixed price
C 、A contract to buy Australian dollars at a predetermined exchange rate
B is correct. For riskless arbitrage to exist, the underlying security that can be arbitraged may be either a financial or a non-financial security.
A is incorrect. For riskless arbitrage to exist, the underlying security must be able to be short sold.
C is incorrect. For riskless arbitrage to exist, the underlying security must be relatively liquid so it is easy to buy and sell at a low cost.
A is correct. Although an exchange-traded fund derives its value from the underlying assets it holds, it does not transform the performance of those assets and so is not a derivative.
B is incorrect. A contract to sell Alphabet Inc.’s shares transforms the performance of the underlying shares of Alphabet Inc and is an example of an option derivative.
C is incorrect. A contract to buy Australian dollars transforms the performance of the underlying currency and is an example of a currency derivative.
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