An investor can exit a forward position prior to contract expiration by all of the following methods EXCEPT:
A. entering into an offsetting contract with the original counterparty or a second (different) counterparty.
B. exercising the early delivery option.
C. making a cash payment or accepting a cash payment by agreement with the original counterparty.
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The daily process of adjusting the margin in a futures account is called:
A. initial margin.
B. variation margin.
C. marking to market.
The motivation for entering into a swap agreement is that:
A. it provides firms that face financial risks with a flexible way to manage that risk.
B. it provides firms that face financial risks with a fixed way to manage that risk.
C. it gives you an ability to swap amongst a diverse range of products.
Concerning efficient financial( including derivative) markets, the most appropriate description is that
A. it is often possible to earn abnormal returns.
B. the law of one price holds only in the academic literature.
C. arbitrage opportunities rarely exist and are quickly eliminated.
An investor purchases a stock for $40 a share and simultaneously sells a call option on the stock with an exercise price of $42 for a premium of $3/share. Ignoring dividends and transactions cost, what is the maximum profit that the writer of this covered call can earn if the position is held to expiration
A. $81.
B. $6.
C. $5.
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