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Questions and Answers

Quel est le sous-ensemble dans lequel les marchés dérivés sont organisés?

  • Marchés internationaux des produits dérivés (correct)
  • Marchés financiers internationaux
  • Marchés au comptant
  • Marchés des matières premières

Quel est le produit dérivé qui offre une protection contre des évolutions défavorables et permet de profiter d'une évolution favorable?

  • Futures contracts / Contrat à terme
  • Options (correct)
  • Forward contracts / Contrat à terme
  • Swaps

Quel est l'instrument financier dont le prix dépend du prix d'un autre instrument souvent négocié dans le marché au comptant?

  • Forward contracts / Contrat à terme (correct)
  • Options
  • Futures contracts / Contrat à terme
  • Swaps

Quel est le nom du marché où les contrats à terme sont standardisés?

<p>Marché des contrats (C)</p> Signup and view all the answers

Quelle est la différence entre le prix à terme et le prix au comptant?

<p>La base (A)</p> Signup and view all the answers

Comment appelle-t-on une position d'achat?

<p>Position longue (C)</p> Signup and view all the answers

Quelle est l'évolution de la base dans le temps?

<p>Droite décroissante (D)</p> Signup and view all the answers

Quelle est la fonction principale des marchés dérivés?

<p>Couvrir et gérer les risques (D)</p> Signup and view all the answers

Quelle est la différence entre la spéculation et l'arbitrage sur les marchés dérivés?

<p>La spéculation a pour objectif d'obtenir une rémunération, contrairement à l'arbitrage (D)</p> Signup and view all the answers

Quelle est la fonction assurée uniquement par les marchés organisés?

<p>La découverte des prix (C)</p> Signup and view all the answers

Qu'est-ce que le prix à terme représente?

<p>Le prix anticipé d'un actif à une date future (B)</p> Signup and view all the answers

Quel est le mode de cotation des marchés organisés?

<p>Trading électronique (A)</p> Signup and view all the answers

Quel est le rôle d'une chambre de compensation dans les marchés dérivés?

<p>Assurer la sécurité et la liquidité des échanges (B)</p> Signup and view all the answers

Quel est le marché dérivé le plus important en termes de volume de transactions?

<p>Equity (C)</p> Signup and view all the answers

Quelle est la répartition géographique des échanges en 2010?

<p>40% Asie-Pacifique, 32,2% Amérique du Nord, 19,8% Europe (B)</p> Signup and view all the answers

Quelle est la différence entre les contrats à terme futures et les contrats forwards ?

<p>Les contrats futures sont très standardisés tandis que les contrats forwards ne le sont pas du tout. (D)</p> Signup and view all the answers

Quel est le dénouement le plus courant pour les contrats à terme futures ?

<p>Le cash settlement (D)</p> Signup and view all the answers

Pourquoi la livraison physique est-elle essentielle dans les contrats à terme futures ?

<p>Elle permet d'assurer la convergence de la base entre les deux marchés. (A)</p> Signup and view all the answers

Quelles sont les conséquences d'une opération d'arbitrage entre le marché papier et le marché physique ?

<p>Toutes les réponses ci-dessus. (D)</p> Signup and view all the answers

Qu'est-ce que la volatilité implicite?

<p>La volatilité qui égalise le prix de marché de l’option et son prix théorique. (B)</p> Signup and view all the answers

Qu'est-ce que le marché au comptant?

<p>Un marché où les transactions donnent lieu à un échange immédiat de la marchandise. (C)</p> Signup and view all the answers

Qu'est-ce que le marché à terme?

<p>Un marché où les transactions donnent lieu à un échange différé de la marchandise. (A)</p> Signup and view all the answers

Qu'est-ce qu'une transaction à terme?

<p>Un engagement pour plus tard de livraison et de paiement de marchandises à un prix fixé aujourd'hui. (C)</p> Signup and view all the answers

Quel est le rôle des chambres de compensation dans les marchés à terme?

<p>Fonction de garantie des échanges et fonction de liquidité (A)</p> Signup and view all the answers

Quelle est la principale différence entre le marché spot et le marché à terme?

<p>Le marché spot permet des négociations non standardisées tandis que le marché à terme implique des contrats standardisés (D)</p> Signup and view all the answers

Qu'est-ce que la collatéralisation dans les marchés à terme?

<p>Un système d'appels de marge pour réévaluer les garanties entre les contreparties (C)</p> Signup and view all the answers

Qu'est-ce qui est négociable dans un contrat à terme?

<p>Le prix (D)</p> Signup and view all the answers

According to the text, what is the definition of a derivative product?

<p>A financial instrument with a price that depends on the price of another instrument (D)</p> Signup and view all the answers

According to the text, what are examples of derivative instruments?

<p>Futures contracts, forward contracts, swaps, options (D)</p> Signup and view all the answers

According to the text, how are derivative markets organized?

<p>In two subsets (C)</p> Signup and view all the answers

Which function is NOT fulfilled by derivative markets?

<p>Raising funds (C)</p> Signup and view all the answers

What is the main purpose of derivative markets?

<p>To manage risks (C)</p> Signup and view all the answers

What is the main difference between speculation and arbitrage in derivative markets?

<p>Speculation involves taking risks, while arbitrage involves risk-free transactions (C)</p> Signup and view all the answers

Which function is only provided by organized markets in derivative trading?

<p>Price discovery (D)</p> Signup and view all the answers

Which of the following is a characteristic of the spot market?

<p>Transactions are discussed between parties (A)</p> Signup and view all the answers

What is the main difference between the forward market and the futures market?

<p>Forward contracts have a fixed delivery date, while futures contracts do not (C)</p> Signup and view all the answers

What is the role of a clearinghouse in the futures market?

<p>To eliminate counterparty risk (A)</p> Signup and view all the answers

What is the purpose of collateralization in the forward market?

<p>To manage counterparty risk (C)</p> Signup and view all the answers

Which market is more focused on professional traders and operates through electronic trading?

<p>Futures market (C)</p> Signup and view all the answers

What is the main function of a clearinghouse in derivative markets?

<p>To ensure the security of transactions (C)</p> Signup and view all the answers

Which region had the highest percentage of global exchanges in 2010?

<p>Asia-Pacific (D)</p> Signup and view all the answers

What is the main difference between organized markets and OTC markets?

<p>Organized markets have standardized contracts, while OTC markets have customized contracts (A)</p> Signup and view all the answers

Which one of these accurately describes the forward market?

<p>It is a market where the delivery of goods and payment are deferred to a later date. (D)</p> Signup and view all the answers

What is the main function of forward transactions?

<p>To hedge against price risk. (C)</p> Signup and view all the answers

What is the difference between the spot market and the forward market?

<p>The spot market involves immediate exchange of goods and money, while the forward market involves deferred delivery and payment. (D)</p> Signup and view all the answers

What is the role of a clearinghouse in the forward market?

<p>To guarantee the performance of contracts. (D)</p> Signup and view all the answers

Which one of these is NOT a possible way to settle a futures contract?

<p>Arbitrage between the paper market and the physical market (A)</p> Signup and view all the answers

What is the main purpose of physical delivery in futures contracts?

<p>To ensure the connection between the physical market and the paper market (A)</p> Signup and view all the answers

What is the difference between futures transactions and forward transactions?

<p>All of the above (D)</p> Signup and view all the answers

What is the main function of futures markets?

<p>To facilitate hedging and risk management (C)</p> Signup and view all the answers

Which of the following is true about the creation of futures markets?

<p>Futures markets were created to protect against price fluctuations of agricultural products. (B)</p> Signup and view all the answers

What is the main difference between spot price, forward price, and futures price?

<p>Spot price refers to immediate delivery, forward price refers to delayed delivery, and futures price refers to standardized contracts. (A)</p> Signup and view all the answers

What is the term used to describe the difference between the futures price and the spot price?

<p>The term used to describe the difference between the futures price and the spot price is the base. (C)</p> Signup and view all the answers

What is the term used to describe the number of contracts that have not yet been settled?

<p>The term used to describe the number of contracts that have not yet been settled is open interest. (B)</p> Signup and view all the answers

Flashcards

Derivative Market

A market where contracts are traded based on the price of an underlying asset.

Options

A derivative contract giving the buyer the right, but not the obligation, to buy or sell an asset at a specific price on or before a certain date.

Forward Contracts

Agreements to buy or sell an asset at a future date for a predetermined price agreed on today.

Futures Market

A standardized market for trading contracts to buy or sell specified quantities of a commodity or financial instrument at a future date and price.

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Basis

The difference between the futures price and the spot price of an asset.

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Long Position

An investment position where you anticipate price increase

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Price Discovery

Process of determining the market price of an asset through supply and demand in organized exchanges

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Futures Price

The price agreed upon for a future asset transaction.

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Electronic Trading

A method of trading in markets using computers and online platforms.

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Clearing House

An institution that reduces risk in derivatives trading by acting as a counterparty to all trades.

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Spot Market

A market where assets are exchanged immediately.

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Cash Settlement

The most common way to finalize trading contracts.

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Hedge

Using a derivative to reduce risk or lock in a price.

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Arbitrage

Taking advantage of price differences across markets.

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Speculation

Betting on price movements in derivative markets.

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Risk Management

Using derivative instruments to reduce or control risks.

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Volatility Implied

The estimated volatility that would make the market price of an option equal to its theoretical price

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Market-Making

Providing liquidity by quoting bid and ask prices for an asset

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Counterparty Risk

The risk that one party to a contract will not fulfill their obligations.

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Collateralization

Use of collateral to secure the performance of a contract.

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Equity Derivatives

Derivative contracts based on equity prices.

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Physical Delivery

The actual transfer of goods.

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OTC Market

Over-the-counter market; contracts not standardized and privately negotiated

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Forward Market

Market with individualized contracts for deferred delivery

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