备考FRM考试一定要做大量的真题练习,下文是对损失螺旋和保 证金螺旋相关例题的解析,一起了解一下!

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Regarding funding liquidity and market liquidity, which of the following statements is correct?

A.The use of a purchased asset as collateral to borrow money against is referred to as market liquidity.

B.A decline in a source of funding has the same effect as a decrease in margin.

C.A loss spiral is a negative function of market liquidity.

D.In a margin spiral, a trader initiates a sale to maintain the leverage ratio (i.e., constant margins).

答案:C

解析:A loss spiral is anegative function of market liquidity. The first statement refers to funding liquidity and not market liquidity. A decline in funding has the same effect as anincrease in required margin. Statement D refers toloss spiral and notmargin spiral.

关联考点:损失螺旋和保 证金螺旋的区分

易错点分析:分不清损失螺旋和保 证金螺旋的区别

损失螺旋:在危机发生时,投资者为了在资产价值缩水、借款能力下降的情况下维持交易保 证金(杠杆率),不得不出售相应的资产进行变现而这一行为加剧了资产价值的缩水,进而迫使你抛售更多的资产,承受更多的损失。

保 证金螺旋:保 证金螺旋(Margin Spiral)是指由于保 证金或抵押品价值折扣增加而引发的加速损失的过程,当保 证金或抵押品折扣增加的时候,投资者必须抛售更多的资产来降低杠杆率(在损失螺旋中,杠杆率是保持不变的),在这样的环境下,信贷会趋于收紧,保 证金的要求也会越来越高,从而加速了资产损失。换言之,保 证金螺旋加速了损失螺旋的发生。扫码预约

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