FRM P1金融市场与产品重要知识点-期货和远期

金融市场与产品作为FRM P1考试当中占比百分之30的考试科目，可以说是我们备考的重中之重！正保会计网校的老师给大家整理了金融市场与产品科目里面的重要知识点，知识点搭配例题，帮助大家更好的吸收！今日一起来学习期货和远期吧！

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 ▶知识点：期货和远期◀ 

Forward and Futures

▪ Forward contract: It is an agreement to buy or sell an asset at a certain future time for a certain price.

▪ Futures contract: It is also an agreement to buy or sell an asset at a certain future time for a certain price. However, futures contracts are normally traded on an exchange. The exchange specifies certain standardized characteristics of the contract.

常考点：

1. 期货是场内交易的标准化合约，一手期货合约价值=期货交易价格*乘数。不同品种的期货合约的乘数不同。

2. 远期是场外交易的非标准化合约，可以定制条款。

3. 注意区分期货和远期的区别。期货是场内交易，信用风险小，流动性好；远期是场外交易，信用风险大，流动性差。

例题：

The management of bank Z is discussing whether to use exchange-traded instruments or over the-counter trading (OTC) instruments for corporate risk management. What is the characteristic of exchange-traded instruments in comparison?
A. Are privately traded between a bank and a firm.
B. Are standardized in order to promote liquidity in the marketplace.
C. Can be customized to suit the firm’s needs.
D. Contain credit risk by either of the counterparties in the transaction.

【正确答案】B

【答案解析】Exchange-traded instruments cover only certain underlying assets and are quite standardized (e.g., maturities and strike prices) in order to promote liquidity in the marketplace. OTC instruments are privately traded between a bank and a firm and thus can be customized to suit the firm’s risk management needs. In addition, there is credit risk by either of the counterparties (e.g., default risk) that would generally not exist with exchange-traded instruments.

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