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  3. A financial future is a contract to buy or sell certain forms of money at a specified future date, with the price agreed at the

A financial future is a contract to buy or sell certain forms of money at a specified future date, with the price agreed at the

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问题     A financial future is a contract to buy or sell certain forms of money at a specified future date, with the price agreed at the time of the deal. Under such a contract, if the market price of the financial instrument concerned should be higher on the delivery date than the price specified in the contract or if its yield should be lower, the seller undertakes to meet the different and, by collecting this, the buyer can obtain a price or yield which is settled at the time the contract is agreed. Conversely , if the market price of the financial instrument should be lower or its yield higher than is specified in the contract, the seller will gain and the buyer will lose the difference: but at least the buyer still has the comfort of knowing the price or yield in advance, as it was fixed at the date the contract was entered into.
    The London International Financial Futures Exchange brings together those buyers and sellers who wish to hedge against interest rate and exchange rate fluctuations. On the exchange, "standard" agreements(or contracts), are available for: 1)interest rate movements—by trading interest bearing securities, such as bank deposit certificates, in sterling or Eurodollars, gilt-edged stocks and United States Treasury Bonds; 2)exchange rate fluctuations—by trading a range of currencies, for example the United States dollar against the pound sterling, the United States dollar against the Swiss franc and so on.
    On LIFFE, in order to make the contracts more tradable and to enable keener prices to be quoted, a limited range of standard contracts is available with fixed settlement dates. For example, the contract size for sterling bank deposit certificates is GBP 500 000 with delivery on the second Wednesday of the delivery month which could be March, June, September or December.
    With a contract covering the movement of interest rates, the market brings together those who wish to take delivery of specific financial instruments, with those who are prepared to supply the same financial instrument on the same terms. Similarly, with a contract covering exchange rate fluctuations , the market brings together those who wish to sell a stated amount of a certain foreign currency at an agreed future date, and those who wish to buy on the same terms.
Which of the following are interest-earning securities?
选项 A、Bank deposit certificates in Eurodollars.
B、Gilt-edged stocks.
C、United States Treasury Bonds.
D、All of the above.
答案D
解析 第二段第二句后半句1)interest rate movements by trading interest bearing securities，such as．．．and United States Treasury Bonds。interest—earning securities与interest bearingsecurities含义相同，都指生息证券。
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