1.The current price of a stock is $25 per share. You have $10,000 to invest. You borrow an additional $10,000 from your broker and invest $20,000 in the stock. If the maintenance margin is 30 percent, at what price will a margin call first occur?

A. $9.62.

B. $17.86.

C. $19.71.


2.Currently, the market in a stock is “$54.62 bid, offered at $54.71.” A new sell limit order is placed at $54.62. This limit order is said to:

A. take the market.

B. make the market.

C. make a new market.

CFA一級

1.Answer:B

【解析】:

當(dāng)前的市場價(jià)格是25美元,你擁有10000美元的自有資金可用于投資,向經(jīng)紀(jì)商借入10000美元,于是總的投資額達(dá)到20000美元,購買了800股,維持*金比率是30%,也就是如果價(jià)格發(fā)生變動,當(dāng)投資者的所有者權(quán)益與持有的股票的總市值之比為30%時(shí),會收到追加*金通知,公式為[(P1×Q) - Margin loan] /(P1×Q),計(jì)算可得P1=$17.86。

2.Answer:A

【解析】:

當(dāng)前的市場情況為:買價(jià)是54.62美元,賣價(jià)是54.71美元,一個(gè)新的限價(jià)賣單(54.62$)進(jìn)入市場,可以看到這個(gè)賣單可以立馬成交,所以是take the market。

區(qū)分take the market、make the market以及make the new market*的辦法就是直接畫圖,建議以國內(nèi)常見的賣價(jià)在上買價(jià)在下為準(zhǔn),然后觀察新的指令單進(jìn)入市場以后是與己方的*報(bào)價(jià)相同、比己方的當(dāng)前*報(bào)價(jià)更優(yōu)從而成為新的己方*報(bào)價(jià)還是直接可以成交,三種情況分別對應(yīng)make the market、make a new market以及take the mark

做完CFA的試題有沒有覺得找到考試的感覺了??!