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第一部分阅读理解
(每题2分,共40分)
Passage1
Non-Deliverable Forward (NDF) has become a popular instrumentavailabletocorporatetreasurerswhowishtohedgetheirexposuretoforeigncurrencieswhicharenotinternationallytradedandwhichdonotpossessaforwardmarketfornon-domesticplayerslikePhilippinePeso(PHP),IndianRupee(INR) KoreanWon(KRW)andChineseRenminbi(CNY).
AnNDFisashort-termcommittedforwardcashsettlementcurrencyderivative instrument. It is essentially an outright (forward) FX contractwherebyonthecontractedsettlementdate,profitorlossisadjustedbetweenthetwocounterpartiesbasingonthedifferencebetweenthecontractedNDFrateandtheprevailingspotFXratesonanagreednotionalamount.
TheNDFrateistherateagreedbetweenthetwocounterpartiesonthetransactiondate.Thisisessentiallytheforwardrateofthecurrenciesdeal.ThenotionalamountisthefacevalueoftheNDFwhichisagreedbetweenthetwocounterparties,Itshouldagainbenotedthatthereisneveranyintentiontoexchange the two currencies principal sums; the only movement is thedifferencebetweentheNDFrateandtheprevailingspotmarketrateandthisamountissettledonthesettlementdate.
EveryNDFhasafixingdateandasettlement(delivery)date.Thefixing
dateisthedayandtimewherebythecomparisonbetweentheNDFrateandthe prevailingspot rateismade settlementdateis thedaywhereby thedifferenceispaidorreceived.Dependingonthecurrenciesdealt,therearevariationswherebyforsomecurrencies,thefixingdateisonegoodbusinessdaybeforethesettlementdateandforothercurrencies,thefixingdateistwogoodbusinessdaysbeforethesettlementdate.Generally,thefixingofspotrateisbasedonareferencepageonReutersorTeleratewithafallbackofcallingfourleadingdealersintherelevantmarketforaquote.
Asitisacash-settlementinstrument,thereisnomovementofthe
principalamountsof
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