11月FRM考试，考生有必要做FRM真题练习吗？

发布时间：2021-10-04 08:57编辑：融跃教育FRM

FRM真题是历年FRM考试的题目，是FRM考试的重难点地方，因此建议考生在考前能够进行至少三套真题的练习，并对真题的知识点进行总结，帮助自己进行提升！11月FRM考试临近，考生一定要做相关的真题练习！

A2-year credit default swap (CDS) specifying physical delivery defaults at the end of two years. If the reference asset is a $200 million, 8.0%ABC corporate bond, and the CDS spread is 125 basis points, the buyer of the CDS will:

A) Receive payments of 800 basis points for the next two years.》》2021年新版FRM一二级内部资料免费领取！【精华版】

B) Receive a payment of $167.5 million.

C) Deliver the bond and receive a payment of $200 million.

D) Continue to receive payments of 675 basis points for the next two years.

答案：C

解析：If the swap specifies physical delivery, the buyer of the swap will deliver the reference obligation to the seller and receive the par value of the obligation.

Adefault swap acts like a:

A) Call option on the reference obligation for the buyer of the swap.

B) Put option on the reference obligation for the buyer of the swap.

C) Look back option on the reference obligation for the buyer of the swap.

D) Up-and-out option on the reference obligation for the buyer of the swap.

答案：B

解析：Adefault swap acts like a put option on the reference obligation for the buyer of the swap. If there is a default, the buyer receives a payment, which limits the buyer’s downside risk.

Which of the following statements about CDS is true?

A) It acts like a call option on the reference obligation for the buyer.

B) It acts like a put option on the reference obligation for the buyer.

C) It acts like a binary option on the reference obligation for the buyer.

D) It acts like a down-and-out option on the reference obligation for the buyer.

答案：B

解析：If there is a default, the buyer of the CDS receives a payment, which limits the buyer's downside risk. Therefore, it acts like a put option.

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