FRM真题对于备考中的考生来说是非常重要的，尤其是备考冲刺阶段，考生一定要做大量的真题练习。那么，哪里有FRM真题解析？如何获取？
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Which of the following reduce(s) a credit exposure by shortening the effective maturity of a position?
Ⅰ.Liquidity put
Ⅱ.credit trigger
A) Both I and II
B) I only
C) II only
D) Neither I nor II
答案：A
解析：Liquidity puts give the parties the right to settle and terminate trades on pre-specified future dates. Credit triggers specify that trades must be settled if the credit rating of a party falls below pre-specified levels. Hence the correct combination is both of the above i.e. optionA.
Alex Dell, a derivatives trader, has some reservations about the central
clearing of OTC derivatives with a central counterparty (CCP). Specifically, he
is worried that clearing members' willingness to monitor credit risk may decline
since the CCP assumes most of the risks, and that CCPs may increase margin
requirements during a period of market stress. Which of the following concepts
best describe Dell's reservations?
A) Moral hazard and procyclicality
B) Adverse selection and offsetting
C) Moral hazard and offsetting
D) Adverse selection and procyclicality
答案：A
解析：Dell's reservations describe moral hazard and procyclicality, respectively. In central clearing, moral hazard is the risk that members have less incentive to monitor risk knowing that the CCP assumes most of the risks of the transactions.【资料下载】[融跃财经]FRM一级ya题-pdf版
Procyclicality describes a scenario where a CCP increases margin requirements (initial margin) in volatile markets or during a crisis, which may aggravate systemic risk. Offsetting describes the elimination of duplicate bilateral contracts by transacting through a CCP.
which improves flexibility and reduces costs.Adverse selection is the risk that participants with a better understanding of product risks and pricing will trade more products whose risks the CCP underprices, and fewer products whose risks the CCP overprices.
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