Sin título 1
Two investment alternatives are proposed: A) invest in Treasury bills at a year that currently provide a 2% interest and reinvest what has been obtained for another year, or well, B) have it in public debt strips of two years of residual life, which offer 4% of interest. If you operate under the pure model of expectations, you will invest in: d) It does not matter which option to choose since both will offer the same performance.
Determine the incorrect statement:c) According to the theory of preference for liquidity, investors prefer long- term assets before short-term securities.
Among the utilities of knowledge of the ETTI is: d) All the previous answers are correct. a) Allows the analysis of credit and interest risk in fixed income portfolios.b) It makes it possible to value financial assets. c) It is a source of information of enormous importance in monetary policy.
The sale of a futures contract:c) Forces us to sell the underlying asset at a future date at a price agreed upon in the moment of formalization of the contract.
The Compensation Chamber:d) All the previous answers are correct. a) Acts as counterpart of the contracting parties.b) Liquidate daily the losses and profits generated in a session.c) Guarantees all contracts made through it. The negotiating member on their own (MNCP) in MEFF: b) You must focus your activity on the investment on your own. We have taken a long position in a stock futures contract. The price of Purchase of the future has been 12 euros / share and the size of the contract is 100 shares. Our intermediary requires an initial margin of 15% and a maintenance margin of 120 euros What variation must occur in the closing price of the future so that our agent requires us to provide new guarantees ?: a) It must fall, to be below the 11.40 euros / share.
An agent has sold a futures contract on shares (delivery type) of TELEFONICA March maturity at 17.50 euros. The nominal value of the contract is 100 shares and the expiration the share price is 16 euros. On the expiration date the agent can: A)Deliver 100 shares of Telefónica to the buyer, receiving from the 1,750 Chamber euros plus the margins contributed. If we assume a risk-free interest rate of 3%, what would be the theoretical price of the future on a stock index that quotes in cash at 10,600 points and which has 10 days left until expiration (suppose year of 365 days) when no dividend distribution is foreseen ?:a) 10,608.72 points.
A Spanish company plans to carry out a large issue of company promissory notes within 1 month and wants to protect against a rise in interest rates. You would advise: b) Sell futures contracts.
(continued) If the previous titles have a maturity of 3 months, what contract does Would you recommend?: b) The 3-month Euribor contract negotiated in EUREX.
We have decided to make a long coverage on a portfolio of actions that replicates faithfully the IBEX-35 at the time of making the coverage is 11,800 points and that of the future 11,820. In the event that at the close of the same the Ibex-35 is located around the 11,900 points, the overall result of coverage will be:d) Answers (a) and (b) are correct. a) A loss equal to the base at the time of contracting the coverage.b) A loss equal to the difference of bases.
Point out the INCORRECT statement about the futures contract Mini on the Ibex-35 negotiated in MEFF:b) There is a maximum fluctuation in the price of the session of 15% on the price of opening.
The extinct peseta went through the following stages, in terms of fixing its exchange rate refers, from 1948 to 1998 inclusive:a) 1984-1959: Multiple exchange rates. 1959-1974: Fixed exchange rate. 1974-1998: Floating exchange rate.
Some advantages of floating changes with respect to fixed changes with the following: c) Softer adjustments of the imbalances in the balance of payments and increase in independence of the national economic policy, in particular its aspects monetary and fiscal.
Decide which of these statements is correct:d) The peseta entered the SME in June 1989 within the broadband oscillation (± 6%).
In recent times, the euro has had the following evolution in its exchange rate with respect to the DOLLAR: b) Strong uninterrupted appreciation from 2006 to 2008.
Strictly speaking, they are not foreign currency: b) Bills of exchange and promissory notes and bank notes in foreign currency.
A bank, a market maker in foreign currencies, can: a) Orient your USD / EUR quotes in the euro selling sense, buying them and selling them cheaper than their competitors.
In formula i F = (T F -T 0 / T 0 ) * (360 / t): b) T 0 = cash exchange T F = forward exchange rate t = time in days.
The theory of parity of interest rates (TPTI) establishes equality: c) Between the appreciation or depreciation of the exchange rate of a currency futures, over another that serves as a reference, and the differences in interest rates between said coins.
Operations SWAP currency: b) they are exchanged main well at the beginning and end or only at the end of the swap.