FRM真題對于每一個考生來說都是很重要的，下文是FRM真題解析，送給備考8月FRM考試的你！

A Treasury bill, with 45 days until maturity, has an effective annual yield of 12.50%. The bill's holding period yield is closest to:

A. 1.57%.

B. 12.50%.

C. 1.54%.

D. 1.46%.

Answer：D

The effective annual yield (EAY) is equal to the annualized holding period yield (HPY) based on a 365-day year. EAY = (1 + HPY)365/t ? 1. HPY = (EAY + 1)t/365 ? 1 = (1.125)45/365 ? 1 = 1.46%.

Which one of the following statements about liquidity risk in derivatives instruments is not true?

A. Liquidity risk is the risk that an institution may not be able to, or cannot easily,unwind or offset a particular position at or near the previous market price because of inadequate market depth or disruptions in the marketplace.

B. Liquidity risk is the risk that the institution will be unable to meet its payment obligations on settlement dates or in the event of margin calls.

C. Early termination agreements can adversely impact liquidity because an institution may be required to deliver collateral or settle a contract early,possibly at a time when the institution may face other funding and liquidity pressures.

D. An institution that participates in the exchange-traded derivatives markets has potential liquidity risks associated with the early termination of derivatives contracts.

Answer：D

Each of the situations in A, B and C refers to either liquidity or funding difficulty due to liquidity.

D is not correct because exchange-traded derivatives are marked-to-market daily. An early termination of a derivative contract would not require any more funding than the daily mark-to-market actions.

Which one of the following statements about contract netting is not correct?

A. By reducing the number and overall value of payments betwecn financial institutions, netting can enhance the efficicncy of na1ional payment systems and reduce settlement costs associated with the large and growing volume of foreign exchange transactions.

B. Netting can also contribute to an increase in systemic risk if, instead of achieving reductions in participants' true exposures, it merely obscures the level of exposures.

C. Netting can reduce the size of credit and liquidity exposures incurred by market participants and, thereby, contribute to the containment of systemic risk.

D. Netting provides for effective reduction in credit exposures because of the certainty provided by contract law throughout the wor1d.

Answer：D

Statement D is not correct. Netting agreements are not universally recognized or entorceable.

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