HKDSE Biology Practice & Notes
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專業考試證券期貨
HKSI 卷九 衍生工具題庫｜Paper 9 一次過合格
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992 題 quizBank.difficulty.5 10/4/2026
題庫簡介
HKSI證券及期貨從業員資格考試卷九 Paper 9「衍生工具」雙語題庫。按公開考綱及官方來源整理，涵蓋期貨、期權、認股權證、股本、利率、貨幣及商品衍生工具，附情境應用題、計算題及詳細解析。
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20 questions available freeAn analyst is building an internal comparison table to assess the potential risk and return of two positions: a long futures position and a long option position on the same underlying asset. He enters the same hypothetical base of 100 units and the same scenario movement of 5% for both, then uses the identical calculation “100 × 5% = 5 units” as the potential risk-and-return result for both, on the ground that both are derivatives. How should the reviewer treat this comparison?
A client enters into three separate option transactions as the buyer and pays premiums of HKD 1,200, HKD 1,700 and HKD 2,100 respectively to the sellers. The risk team is reviewing the following statements: Assume that all three options can expire worthless in the same scenario and ignore transaction costs. I. The maximum losses on the three transactions are HKD 1,200, HKD 1,700 and HKD 2,100 respectively. II. When the three transactions are considered together, the aggregate maximum loss is HKD 5,000. III. When the three transactions are considered together, the aggregate maximum loss is only the largest single premium, namely HKD 2,100. Under the maximum-loss principle for an option buyer, which statements are correct?
A company expects that it may need to buy a foreign currency within the next four months. Its finance committee wants a contract that allows the company to buy that currency at a pre-set price during that period. Which dealing instruction best matches this objective?
A trader buys 250 plain-vanilla equity call options at a premium of HKD12 each, paying HKD3,000 upfront. Ignoring transaction costs, how should the risk manager describe the maximum loss and potential gain of this long-call position?
A futures trading desk is reviewing an internal memorandum about the responsibilities of buyers and sellers. The memorandum contains the following statements: I. If the underlying asset price moves against the futures buyer, the buyer may consequently avoid settling the futures contract. II. Even if the underlying asset price moves against the futures seller, the seller must still settle the futures contract. III. Whether the buyer and the seller must settle the futures contract does not depend on the direction in which the underlying asset price moves. Which statements are correct?
A risk report compares a long futures position with a purchased option on comparable terms. The same favourable market move produces the same gain before costs for both, but the report records identical net potential gains. The option buyer has paid a premium, while the futures position has no such cost. How should the reviewer correct the report?
Under the same favourable market move, a futures position has a potential gain of 42 monetary units. A purchased option on comparable terms also produces 42 units before deducting its premium. The investment committee requires the option buyer's net potential gain after premium to be at least 34 units. What is the maximum premium the buyer may pay?
During a client suitability meeting, a client says: “Once I buy an option, I must subsequently buy or sell the underlying asset under the contract, so the buyer and the seller have the same performance obligation.” How should the client manager correct this understanding?
A risk manager reviews an option position report. The fund, as the option buyer, has paid an option premium of HK$24,000 to the seller, while the underlying asset has a market value of HK$600,000. If the price of the underlying asset subsequently falls sharply, what is the maximum loss the option buyer could suffer on this position?
A risk committee reviews four futures transactions and requires them to be classified according to their trading purpose. Case 1: an airline has already incurred economic exposure to fluctuations in aviation fuel prices and buys fuel futures to offset that exposure. Case 2: a trader has no related cash position and sells index futures solely because the trader believes that index futures prices will fall. Case 3: a trader notices an abnormal price spread between a futures contract and its underlying cash asset, and establishes coordinated positions in both to profit from the spread. Case 4: a trader has no related cash position and buys a commodity future solely because the trader believes that its price will rise. How should the committee classify the trading purposes of Cases 1 to 4?
A company already holds inventory and therefore has an existing exposure to changes in the inventory’s price. Its risk committee is setting a mandate for futures transactions. Which trading instruction most closely matches a hedging objective?
A futures firm’s risk manager is reviewing 16 strategy tickets. The trading directions and the traders’ recorded economic purposes are as follows: • 7 strategy tickets: long futures positions established solely to offset the firm’s exposure to rising prices; • 5 strategy tickets: short futures positions established without a related exposure, purely on the view that prices will fall; • 4 strategy tickets: simultaneous opposing positions in related instruments established solely to exploit an identified price discrepancy. How should the risk manager classify these 16 strategy tickets by economic purpose?
A trading system records two futures fills: a buy limit order at $100 was filled at $101, while a sell limit order at $105 was filled at $106. Applying only the rule that a limit order must execute at its specified price or at a better price for the party placing it, what should the reviewer conclude?
An HSI futures contract is overpriced relative to the matching cash portfolio after carrying costs and trading expenses. A trader simultaneously buys the cash portfolio and sells the futures to lock in the discrepancy under the stated contract arrangements. What is the main economic purpose?
Two investors trade the same futures series on an exchange at possibly different execution prices. Which arrangement reflects standardisation of exchange-traded futures?
An asset management firm holds an equity portfolio whose value tracks the Hang Seng Index and simultaneously establishes a futures position to offset the risk of a decline in the value of that portfolio. The trading objective served by the firm's futures position belongs to which of the following categories?
A securities firm’s trade record system requires a single “trade date” entry for each of the two completed transactions below. The system accepts only one date and does not permit two dates or a blank field. Case A: a derivative contract was matched and concluded through the exchange’s central trading system on 4 March; it was subsequently ratified by the internal risk committee on 5 March and settled on 6 March. Case B: a swap rate agreement was signed in person by both parties at a negotiation meeting on 11 March; the agreement provided for the first cash flow to occur on 18 March, and the parties exchanged final texts only on 13 March. Which dates should the trade record system enter for Case A and Case B respectively?
A trading supervisor reviews the following four records to decide which one should be classified as a floating loss. Record I is an open position showing an unrealized loss calculated by the mark-to-market difference method. Record II is a realized loss arising from a closed position. Record III is an open position showing an unrealized gain calculated by the mark-to-market difference method. Record IV is an open position for which the record contains only a trader’s estimate of a possible future loss, without a loss difference calculated using the current market value. Which record should the supervisor select?
A company must pay CHF 1,000,000 in three months. Today it privately agrees with a bank to deliver JPY and receive that CHF amount on that date at a rate fixed today, with the amount and date tailored to its needs. What instrument is this?
A company has HK$10,000,000 floating-rate debt and a matching interest-rate swap paying fixed and receiving floating. Rates fall, lowering borrowing interest, while the swap has a negative current value. Which conclusion is most accurate?
考生最常中伏嘅題目
根據本題庫其中 514 條有足夠作答樣本嘅題目、累計 16,714 次真實作答統計，以下選項最多考生揀錯——溫習時特別留神。
1
某投資者以 18,200 點買入 3 張指數期貨合約，假設每點價值為 50 港元。當日結算價為 18,050 點。按市價計值後，該投資者帳戶當日的盈虧是多少？
最多人誤揀：虧損 450 港元
29% 作答者揀咗呢個錯誤選項 · 此題累計 38 次作答
2
一家公司有一筆名義本金港幣36,000,000元的浮息貸款，每90日按基準P重訂。為對沖利率上升，公司訂立同一名義本金的單一貨幣利率掉期，支付固定年利率3.9%，並收取按基準Q計算…
最多人誤揀：貸款利息為港幣459,000元，掉期淨收款為港幣63,000元，實際淨利息支出為港幣396,000元，低於完全鎖定在3.…
32% 作答者揀咗呢個錯誤選項 · 此題累計 34 次作答
3
交易主管正比較四份期權合約的合約名義價值。下列單位數量均指每份合約所代表的相關資產數量，而現貨價是比較時的相關資產價格：合約甲代表600個單位，現貨價為30元；合約乙代表900個單…
最多人誤揀：合約甲，合約名義價值為18,000元
31% 作答者揀咗呢個錯誤選項 · 此題累計 35 次作答
4
交易員要建立一個長認購期權日曆價差，預期標的價格在近月到期時接近行使價。本題比較採同一標的、同行使價及相同合約規模的普通歐式認購期權，每腿一張但到期月份不同；期間無股息，利率非負，…
最多人誤揀：買入較近到期月份的認購期權，並賣出較遠到期月份、相同行使價的認購期權。
31% 作答者揀咗呢個錯誤選項 · 此題累計 36 次作答
5
營運部比較兩張期權合約的身分欄位： • 北合約：何先生須支付期權金，但行使權記在林女士名下。 • 南合約：周女士須支付期權金，而行使權亦記在周女士名下。 若只根據這些欄位，哪一項身…
最多人誤揀：只有林女士可被確定為買方或持有人，因為擁有行使權已足以確定身分
31% 作答者揀咗呢個錯誤選項 · 此題累計 32 次作答
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