距離12月FRM二級考試是越來越近了，廣大考生千萬別忘了做真題，這里可以選擇融躍FRM題庫，下面是小編列舉的相關真題解析，希望對你有所幫助！

Investors in a credit-linked note (CLN) are most similar to:

A) Credit default swap (CDS) protection buyers who have funded (prepaid) the contingent credit loss.

B) Credit default swap (CDS) protection buyers who own (have an insurable interest in) the reference entity.

C) Credit default swap (CDS) protection sellers who have funded (prepaid) the contingent credit loss.

D) Credit default swap (CDS) protection sellers who own (have an insurable interest in) the reference entity.

答案：C

解析：ACLN is like a funded CDS; the investors are selling protection (synthetically short the reference) In regard to (d), neither counterparty needs to own the reference.

The maximum benefits to the buyer of a credit-linked note (CLN) accrue when:

A) There is a small credit downgrade

B) There is no credit downgrade

C) There is a large credit downgrade

D) There is a default

答案：B

解析：The benefit to the CLN buyer is that the buyer earns a high return if there is no downgrade or default. The buyer’s prima

Which of the following representations of a prepayment speed of 200 PSAis true? Let t represent the number of months and CPR the annual prepayment rate?

A) If t 30, then, CPR = 6% t/30, if t>30, then CPR = 6%.

B) If t 30, then, CPR = 12% t/30, if t>30, then CPR = 12%.

C) If t 30, then, CPR = 18% t/30, if t>30, then CPR = 18%.

D) If t 30, then, CPR = 24% t/30, if t>30, then CPR = 24%.

答案：B

解析：The standard PSAbenchmark assumes the following conditional prepayment rates:

If t 30, then, CPR = 6% t/30, if t >30, then CPR = 6%

At 200 PSA, the CPRs are two times the CPRs for the standard PSAbenchmark.

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