FRM真题解析2022年考生有必要看吗？这是近几天小编收到的问题，小编在这里提醒广大考生，关于真题解析是很有必要看的，下面是小编列举的相关真题，希望对你有所帮助！
The risk of the occurrence of a significant difference between the mark-to-model value of a complex and/or illiquid instrument and the price at which the same instrument is revealed to have trade in the market is referred to
as:
A) Dynamic risk
B) Liquidity risk
C) Mark-to-market risk
D) Model risk
答案：D
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解析：A. Undefined term B. The risk of not being able to sell an asset quickly C. Undefined term D. This is how model risk is defined in the reading.
Which of the following is not a source of model risk?
A) Programming errors.
B) Failure to recalibrate models.
C) Minimal rounding errors from algorithms.
D) Implementation of models for situations for which the models were not
originally designed.
答案：C
解析：Minimal rounding errors is an attractive feature of an algorithm.
Acommon trade during 2004 and 2005 was to sell protection on the equity
tranche and buy protection of the mezzanine tranche of the CDX.NA.IG index.
Which of the following statements regarding this trade is least accurate?
A) The trade was set up to be default-risk neutral at initiation.
B) The trade was short credit spread risk on the equity tranche and long credit spread risk on the mezzanine tranche.
C) The main motivation for the trade was to achieve a positively convex payoff profile.
D) The trade was designed to benefit from credit spread volatilities.
答案：B
解析：The trade was long credit and credit spread risk on the equity tranche and short credit and credit spread risk on the mezzanine tranche. The other statements are accurate.
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