Chapter3习题集及答案.docx
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Chapter3习题集及答案.docx
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Chapter3习题集及答案
Chapter3习题集及答案
Chapter3ForeignCurrencyFutures
3.1MultipleChoiceandTrue/FalseQuestions
1)Financialderivativesarepowerfultoolsthatcanbeusedbymanagementforpurposesof
A)speculation.
B)hedging.
C)arbitrage.
D)A,BandCabove.
Answer:
D
2)Aforeigncurrency________contractcallsforthefuturedeliveryofastandardamountofforeignexchangeatafixedtime,place,andprice.
A)futures
B)forward
C)option
D)swap
Answer:
A
3)Currencyfuturescontractshavebecomestandardfareandtradereadilyintheworldmoneycenters.
Answer:
TRUE
4)Themajordifferencebetweencurrencyfuturesandforwardcontractsisthatfuturescontractsarestandardizedforeaseoftradingonanexchangemarketwhereasforwardcontractsarespecializedandtailored
tomeettheneedsofclients.
Answer:
TRUE
5)WhichofthefollowingisNOTacontractspecificationforcurrencyfuturestradingonanorganizedexchange?
A)sizeofthecontract
B)maturitydate
C)lasttradingday
D)fixedgains
Answer:
D
6)About________ofallfuturescontractsaresettledbyphysicaldeliveryofforeignexchangebetweenbuyerandseller.
A)0%
B)5%
C)50%
D)95%
Answer:
B
7)Futurescontractsrequirethatthepurchaserdepositaninitialsumascollateral.Thisdepositiscalleda
A)collateralizeddeposit.
B)markedmarketsum.
C)margin.
D)settlement.
Answer:
C
8)Aspeculatorinthefuturesmarketwishingtolockinapriceatwhichtheycould________aforeigncurrencywill________afuturescontract.
A)buy;sell
B)sell;buy
C)buy;buy
D)noneoftheabove
Answer:
C
9)Aspeculatorthathas________afuturescontracthastakena________position.
A)sold;long
B)purchased;short
C)sold;short
D)purchased;sold
Answer:
C
10)PeterSimpsonexpectsthattheU.K.poundwillcost$1.62/£insixmonths.A6-monthcurrencyfuturescontractisavailabletodayatarateof$1.63/£.IfPeterwastospeculateinthecurrencyfuturesmarket,andhisexpectationsarecorrect,whichofthefollowingstrategieswouldearnhimaprofit?
A)Sellapoundcurrencyfuturescontract.
B)Buyapoundcurrencyfuturescontract.
C)Sellpoundstoday.
D)Sellpoundsinsixmonths.
Answer:
A
11)JackHemmingsboughta3-monthBritishpoundfuturescontractfor$1.6200/£onlytoseethedollarappreciatetoavalueof$1.6118atwhichtimehesoldthepoundfutures.Ifeachpoundfuturescontractisforanamountof£62,500,howmuchmoneydidJackgainorlosefromhisspeculationwithpoundfutures?
A)$512.50loss
B)$512.50gain
C)£512.50loss
D)£512.50gain
Answer:
A
12)Whichofthefollowingstatementsregardingcurrencyfuturescontractsandforwardcontractsistrue?
A)Afuturescontractisastandardizedamountpercurrencywhereastheforwardcontactisforanysizedesired.
B)Afuturescontractisforafixedmaturitywhereastheforwardcontractisforanymaturityyoulikeuptooneyear.
C)Futurescontractstradeonorganizedexchangeswhereasforwardstakeplacebetweenindividualsandbankswithotherbanksviatelecomlinkages.
D)Alloftheabovearetrue.
Answer:
D
13)Whichofthefollowingisadifferencebetweenacurrencyfuturescontractandaforwardcontract?
A)Thefuturescontractismarkedtomarketdailywhereastheforwardcontractisonlyduetobesettledatmaturity.
B)Thecounterpartytothefuturesparticipantisunknownwiththeclearinghousesteppingintoeachtransactionwhereastheforwardcontractparticipantsareindirectcontactsettingtheforwardspecifications.
C)Asinglesalescommissioncoversboththepurchaseandsaleofafuturescontractwhereasthereisnospecificsalescommissionwithaforwardcontractbecausebanksearnaprofitthroughthebid-askspread.
D)Alloftheabovearetrue.
Answer:
D
14)Asageneralstatement,itissafetosaythatbusinessesgenerallyusethe________forforeigncurrencyforwardcontracts,andindividualsandfinancialinstitutionstypicallyusethe________forforeigncurrencyfuturescontracts.
A)exchangemarkets;over-the-counter
B)over-the-counter;exchangemarkets
C)private;governmentsponsored
D)governmentsponsored;private
Answer:
B
15)Allexchange-tradedfuturesaresettledthroughaclearinghousebutover-the-counterforwardsarenotandarethussubjecttogreater________risk.
A)exchangerate
B)country
C)counterparty
D)noneoftheabove
Answer:
C
16)Whenreadingthefuturesquotationinthefinancialsectionofthenewspaper,thecolumnheadingindicatingthenumberofcontractsoutstandingiscalled________.
A)contractsoutstanding
B)settle
C)openinterest
D)shortpositions
Answer:
C
Table3.1
Usethebelowmentionedtabletoanswerfollowingquestion(s).December17,2009,BritishPoundfuturesPricesfor2010(USdollarsperpound,62,500poundcontracts).
MaturityOpenHighLowChangeSettleVolumeMarch101.63151.63331.6071-0.01551.6146127,234June101.63151.63231.6065-0.01551.6137145
17)RefertoTable3.1.WhatwasthecontractpriceoftheBritishpound,ifyouneedtolockthevalueofGBPforyourGBPreceivablesin3-monthperiod?
A)$1.6146/£
B)£1.6146/$
C)$1.6315/£
D)£1.6315/$
Answer:
A
18)RefertoTable3.1.Thepriceof________makingyoutakingashortpositiontoselltwopoundsfuturescontractshavematuritydateinJune10,2010hasatotalcontractvalueof________.
A)£1.6137/$,£201,712.50
B)$1.6137/£,$201,712.50
C)$1.6146/£,$100,912.50
D)£1.6146/$,$100,912.50
Answer:
B
19)RefertoTable3.1andquestion19.IfthespotexchangerateofBritishpoundprovestobe$1.6128/£inJune10,2010,whatisyourgainorlossforyourshortposition?
A)$112.50gain
B)$112.50loss
C)$56.25gain
D)$56.25loss
Answer:
A
20)AndreaLeeisacurrencyspeculatorwhoenjoys"betting"onchangesintheforeigncurrencyexchangemarket.CurrentlythespotpricefortheJapaneseyenis¥90.870/$andthe6-monthfuturescontractpriceis¥90.530/$.Andreathinkstheyenwillmoveto¥90.120/$inthenextsixmonths.Andreashould________atthefuturespricetoprofitfromchangingcurrencyvalues.
A)buyyen
B)buydollars
C)sellyen
D)Thereisnotenoughinformationtoanswerthisquestion.
Answer:
A
3.2EssayQuestions
1)Whyareforeigncurrencyfuturescontractsmorepopularwithindividualsandbankswhileforeigncurrencyforwardsaremorepopularwithbusinesses?
Answer:
Foreigncurrencyfuturesarestandardizedcontractsthatlend
themselveswelltospeculationpurposesbutlesssoforhedgingpurposes.Thestandardizednatureofthefuturescontractmakesiteasytotradefuturesandtomakebetsaboutgeneralchangesinthevalueofcurrencies.Forwardcontractsarebetterforhedginginthattheyaretailoredtomeetthespecificneedsoftheclient,typicallyabusiness,andcanbequiteusefulinreducingexchangeraterisk.Banksareinvolvedintheforeigncurrencyfuturesmarketinparttooffsetpositionsthattheymayhavetakenintheforwardmarketsasdealers.
2)Howdocurrencyforwardandfuturescontractsdifferwithrespecttomaturity,settlement,andthesizeandtimingofcashflows?
Answer:
seep36-37,Table3.7
3)Whatistheprimaryroleoftheexchangeclearinghouse?
Answer:
seep14-15
※4)Drawandexplainthepayoffprofileassociatedwithacurrencyfuturescontract.
Answer:
refertochapter8
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