FRM真題解析2022年考生有必要看嗎？這是近幾天小編收到的問題，小編在這里提醒廣大考生，關于真題解析是很有必要看的，下面是小編列舉的相關真題，希望對你有所幫助！

The risk of the occurrence of a significant difference between the mark-to-model value of a complex and/or illiquid instrument and the price at which the same instrument is revealed to have trade in the market is referred to

as:

A) Dynamic risk

B) Liquidity risk

C) Mark-to-market risk

D) Model risk

答案：D

解析：A. Undefined term B. The risk of not being able to sell an asset quickly C. Undefined term D. This is how model risk is defined in the reading.

Which of the following is not a source of model risk?

A) Programming errors.

B) Failure to recalibrate models.

C) Minimal rounding errors from algorithms.

D) Implementation of models for situations for which the models were not

originally designed.

答案：C

解析：Minimal rounding errors is an attractive feature of an algorithm.

Acommon trade during 2004 and 2005 was to sell protection on the equity tranche and buy protection of the mezzanine tranche of the CDX.NA.IG index. Which of the following statements regarding this trade is least accurate?

A) The trade was set up to be default-risk neutral at initiation.

B) The trade was short credit spread risk on the equity tranche and long credit spread risk on the mezzanine tranche.

C) The main motivation for the trade was to achieve a positively convex payoff profile.

D) The trade was designed to benefit from credit spread volatilities.

答案：B

解析：The trade was long credit and credit spread risk on the equity tranche and short credit and credit spread risk on the mezzanine tranche. The other statements are accurate.

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