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

》》》2022年新版FRM一二級(jí)內(nèi)部資料免費(fèi)領(lǐng)?。　揪A版】

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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