FRM真題的練習對于備考中的考生是很有必要的，廣大考生一定要多做多看，尤其是對FRM真題的解析。下文是小編列舉的相關真題解析，一起了解一下吧！

Abank that sells a credit default swap will:

Ⅰ.Increases the bank’s total risk.

Ⅱ.Receive investment income without any funding cost.

Ⅲ.Makes a regular payment in exchange for payment if a specific credit occurs.

Ⅳ.Receive investment income in exchange for promising to make a payment if a specific credit event occurs.

A) I and IV only

B) III and IV only

C) IV only

D) I only

答案：A

解析：Statements I and IV are correct. Banks that sell a credit default swap (protection seller) will receive investment income in exchange for promising to make a payment if a specific credit event occurs. Since credit events are random, selling a credit swap will increase the total risk of the bank.

The total return payer in a total return swap (TRS) must pay the total return buyer:

A) The total bond return minus the coupon payments.

B) Only the coupon payments and any principal received from the bond.

C) The total bond return.

D) Afloating rate payment usually based on the London Interbank Offered Rate.

答案：C

解析：The credit risk seller pays to the credit risk buyer the total return of the underlying bond which is equal to the coupon payments plus price appreciation or minus price depreciation.

An investor can gain the exposure and return of an underlying loan by:

A) Being the credit risk buyer in a total return swap.

B) Being the credit risk seller in a total return swap.

C) Entering into an interest-rate swap with a BB credit.

D) Pledging compensating balances with the lender bank.

答案：A

解析：The credit-risk seller pays to the credit-risk buyer the total return of the underlying instrument.An investor can gain the exposure and return by being the credit risk buyer in a total return swap.

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