[OFOD10e02] Futures Markets and Central Counterparties

* 基本信息：

姓名：
班级：
学号:

*1.

Which of the following is true

A.Both forward and futures contracts are traded on exchanges.
B.Forward contracts are traded on exchanges, but futures contracts are not.
C.Futures contracts are traded on exchanges, but forward contracts are not.
D.Neither futures contracts nor forward contracts are traded on exchanges.

*2.

Which of the following is NOT true

A.Futures contracts nearly always last longer than forward contracts
B.Futures contracts are standardized; forward contracts are not.
C.Delivery or final cash settlement usually takes place with forward contracts; the same is not true of futures contracts.
D.Forward contracts usually have one specified delivery date; futures contract often have a range of delivery dates.

*3.

In the corn futures contract a number of different types of corn can be delivered (with price adjustments specified by the exchange) and there are a number of different delivery locations. Which of the following is true

A.This flexibility tends increase the futures price.
B.This flexibility tends decrease the futures price.
C.This flexibility may increase and may decrease the futures price.
D.This flexibility has no effect on the futures price

*4.

A company enters into a short futures contract to sell 50,000 units of a commodity for 70 cents per unit. The initial margin is $4,000 and the maintenance margin is $3,000. What is the futures price per unit above which there will be a margin call?

A.78 cents
B.76 cents
C.74 cents
D.72 cents

*5.

A company enters into a long futures contract to buy 1,000 units of a commodity for $60 per unit. The initial margin is $6,000 and the maintenance margin is $4,000. What futures price will allow $2,000 to be withdrawn from the margin account?

A.$58
B.$62
C.$64
D.$66

*6.

One futures contract is traded where both the long and short parties are closing out existing positions. What is the resultant change in the open interest?

A.No change
B.Decrease by one
C.Decrease by two
D.Increase by one

*7.

Who initiates delivery in a corn futures contract

A.The party with the long position
B.The party with the short position
C.Either party
D.The exchange

*8.

You sell one December futures contracts when the futures price is $1,010 per unit. Each contract is on 100 units and the initial margin per contract that you provide is $2,000. The maintenance margin per contract is $1,500. During the next day the futures price rises to $1,012 per unit. What is the balance of your margin account at the end of the day?

A.$1,800
B.$3,300
C.$2,200
D.$3,700

*9.

A hedger takes a long position in a futures contract on a commodity on November 1, 2012 to hedge an exposure on March 1, 2013. The initial futures price is $60. On December 31, 2012 the futures price is $61. On March 1, 2013 it is $64. The contract is closed out on March 1, 2013. What gain is recognized in the accounting year January 1 to December 31, 2013? Each contract is on 1000 units of the commodity.

A.$0
B.$1,000
C.$3,000
D.$4,000

*10.

A speculator takes a long position in a futures contract on a commodity on November 1, 2012 to hedge an exposure on March 1, 2013. The initial futures price is $60. On December 31, 2012 the futures price is $61. On March 1, 2013 it is $64. The contract is closed out on March 1, 2013. What gain is recognized in the accounting year January 1 to December 31, 2013? Each contract is on 1000 units of the commodity.

A.$0
B.$1,000
C.$3,000
D.$4,000

*11.

The frequency with which futures margin accounts are adjusted for gains and losses is

A.Daily
B.Weekly
C.Monthly
D.Quarterly

*12.

Margin accounts have the effect of

A.Reducing the risk of one party regretting the deal and backing out
B.Ensuring funds are available to pay traders when they make a profit
C.Reducing systemic risk due to collapse of futures markets
D.All of the above

*13.

Which entity in the United States takes primary responsibility for regulating futures market?

A.Federal Reserve Board
B.Commodities Futures Trading Commission (CFTC)
C.Security and Exchange Commission (SEC)
D.US Treasury

*14.

For a futures contract trading in April, the open interest for a June contract, when compared to the open interest for Sept contract, is usually

A.Higher
B.Lower
C.The same
D.Equally likely to be higher or lower

*15.

Clearing houses are

A.Never used in futures markets and sometimes used in OTC markets
B.Used in OTC markets, but not in futures markets
C.Always used in futures markets and sometimes used in OTC markets
D.Always used in both futures markets and OTC markets

*16.

A haircut of 20% means that

A.A bond with a market value of $100 is considered to be worth $80 when used to satisfy a collateral request
B.A bond with a face value of $100 is considered to be worth $80 when used to satisfy a collateral request
C.A bond with a market value of $100 is considered to be worth $83.3 when used to satisfy a collateral request
D.A bond with a face value of $100 is considered to be worth $83.3 when used to satisfy a collateral request

*17.

With bilateral clearing, the number of agreements between four dealers, who trade with each other, is

A.12
B.1
C.6
D.2

*18.

Which of the following best describes central counterparties

A.Help market participants to value derivative transactions
B.Must be used for all OTC derivative transactions
C.Are used for futures transactions
D.Perform a similar function to exchange clearing houses

*19.

Which of the following are cash settled

A.All futures contracts
B.All option contracts
C.Futures on commodities
D.Futures on stock indices

*20.

A limit order

A.Is an order to trade up to a certain number of futures contracts at a certain price
B.Is an order that can be executed at a specified price or one more favorable to the investor
C.Is an order that must be executed within a specified period of time
D.None of the above