FRM真题对于考生备考是很有帮助的，考生一定要要做大量的真题，尤其是备考冲刺阶段。那么，FRM真题哪里有例题解析？看下文小编的介绍！
Which one of the following is not a broad market impact of contract netting?
A) An increase in market liquidity which could affect prices stability, though the direction and magnitude of the effect is not obvious.》》2021年新版FRM一二级内部资料免费领取！【精华版】
B) Reductions in credit exposures incurred in foreign exchange trading which could induce market participants to shift credit and capital resources to different markets.
C) The reduction in participants’credit exposures and settlement/processing costs which will reduce the incremental costs of transactions, and therefore may prompt expanded trading activities and enhanced market liquidity.
D) Areduction of systemic risk which satisfies central banks’interest in avoiding instability of exchange markets. This arises from clearly lower market volatility in a netting environment.
答案：D
解析：Contract netting does not reduce systemic risk and may, in fact, increase
systemic risk by allowing parries to ignore gross exposures in favor of focusing
on the net exposures.
Ondine Financial Inc. (Ondine) uses a variety of techniques to manage counterparty risk. It has entered into an interest rate swap with Scarbo Inc. (Scarbo). Currently, Ondine’s position in the swap has a -$1 million mark-to-market value. Based on the information provided, which of the following credit risk mitigation techniques would be most advantageous to Ondine if Scarbo
defaults?
A) Close-out.
B) Collateralization.
C) Netting.
D) Walkaway.
答案：D
解析：Since Ondine currently has a negative mark-to-market value and the counterparty is defaulting, Ondine is able to cancel the transaction while it is“losing”.
Netting and close-out would require Ondine to make a payment since it would owe a net amount of $1 million. Collateralization is not relevant in this scenario.
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