11. Which of the following is not a forward commitment?
Interest rates swaps.
Asset backed securities.
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12. Which of the following statements is least accurate about contingent claims?
The payoffs are not linearly related to the underlying.
The most short can gain is the premium paid for the contingent claim.
Either party can default to the other.
13. Which of the following is best classified as a forward commitment?
A convertible bond.
A swap agreement.
An asset-backed security.
14. Which of the following statements about futures is least accurate?
They are standardized.
They are subject to daily price limits.
Their payoffs are received at settlement.
15. Which of the following statements is most accurate?
Forwards are customized whereas swaps are standardized.
Forwards are subject to daily price limits whereas swaps are not.
Swaps have multiple payments, whereas forwards have only a single
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CFA Level 1
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