FRM真题每日一练！备考生看过来！

发布时间：2022-04-27 09:36来源： 融跃教育FRM

很多FRM考生还不知道FRM真题的重要性，考前进行FRM真题练习有效果吗？FRM考试中真题练习真的重要吗？今天融跃小编给大家带来FRM真题每日一练！

Which of the following statements regarding the International Swaps and DerivativesAssociation (ISDA) Master Agreement is false?

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A) The ISDAMasterAgreement is a contract between two parties that governs derivative transactions and credit controls.

B) An ISDAMasterAgreement is prepared for every derivatives transaction that occurs between two parties.

C) The ISDAMasterAgreement forms a single contract under which multiple derivative contracts can be managed.

D) The ISDAMasterAgreement specifies termination events that each pair of counterparties must accept.

答案：B

解析：An agreement is not prepared for every transactions, rather the ISDAMaster Agreement forms a single contract under which multiple derivative contracts can be managed.

Assume a sovereign bond has a haircut of 5% and is used for a collateral call of $100,000. What amount is credited if a $100,000 bond is submitted, and what amount of bond is needed for $100,000 to be credited, respectively?

A) $100,000; $106,263

B) $95,000; $100,000

C) $95,000; $105,263

D) $105,263; $95,000

答案：C

解析：Ahaircut is essentially a discount to the value of posted collateral. In other words, a haircut of x% means that for every unit of collateral posted, only (1–x)% of credit will be given. This credit is also referred to as valuation percentage. If a particular sovereign bond has a haircut of 5% and a collateral call of $100,000 is made, only 95% of the collateral’s value is credited for collateral purposes. That is, in order to satisfy a $100,000 collateral call, $105,263 ($100,000/0.95) of the sovereign bond must be posted.

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