FRM真題是歷年FRM考試的題目，是FRM考試的重難點地方，因此建議考生在考前能夠進行至少三套真題的練習，并對真題的知識點進行總結，幫助自己進行提升！下文是小編列舉的FRM真題練習解析，希望對備考的你有所幫助！

In a presentation to management, a bond trader makes the following statements about repo collateral:

Statement 1: The difference between the federal funds rate and the general collateral rate is the special spread.

Statement 2: During times of financial crises, the spread between the federal funds rate and the general collateral rate widens.

Which of the trader’s statements are accurate?

A) Both statements are incorrect.

B) Only statement 1 is correct.

C) Only statement 2 is correct.

D) Both statements are correct.

答案：C

解析：The trader’s first statement is incorrect. The difference between the federal funds rate and the general collateral (GC) rate is known as the fed funds-GC spread.

The special spread is the difference between the GC rate and the special rate for a particular security. The trader’s second comment is correct. During times of financial crises, the spread between the federal funds rate and the general collateral rate widens as the willingness to lend Treasury securities declines, lowering the GC rate (thereby increasing the spread).【資料下載】[融躍財經]FRM一級ya題-pdf版

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