2021年FRM考綱變化：Financial Market and Products（金融市場與金融產(chǎn)品）

2021年FRM考綱已經(jīng)更新，對于新考綱的了解，對于備考FRM是很有幫助的。下文是對Financial Market and Products（金融市場與金融產(chǎn)品）考綱變化的介紹，一起看看吧！>>>點擊領取2021年FRM備考資料大禮包（戳我免·費領?。?/span>

Financial Market and Products（金融市場與金融產(chǎn)品）占比是30%。

在新的考綱中，調整部分多為描述性詞匯的調整，主干知識點沒有實質性的改變。

Financial Market and Products（金融市場與金融產(chǎn)品）考綱變化主要是：

第 一章Banks ：LOS沒有變化

第二章Insurance Companies and Pension Plan:

新增

Compare the various types of life insurance policies.

第三章Fund Management ：LOS沒有變化

第四章Introduction to Derivatives ：

? Describe the over-the-counter market, distinguish it from trading on an exchange and evaluate its advantages and disadvantages.

? Differentiate between options, forwards and futures contracts.

合并為一條

? Describe exchange-traded and over-the-counter markets, and evaluate the advantages and disadvantages of each Differentiate between options, forwards and futures contracts.

第五章Exchanges and OTC markets ：

? Describe the implementation of a margining process and explain the determinants of initial and variation margin requirements.

改做：

? Describe the implementation of a margining process, as well as explain the determinants of and calculate initial and variation margin requirements.

增加calculate的要求。

第六章Central Clearing ：LOS沒有變化

第七章Futures Markets：

1、Define and describe the key features of a futures contract, including the underlying asset, the contract price and size, trading volume, open interest, delivery and limits

改為

Define and describe the key features and specifications of a futures contract, including the underlying asset, the contract price and size, trading volume, open interest, delivery and limits

增加了specification的要求。

2、Describe the rationale for margin requirements and explain how they work.

刪除本條

3、Describe the role of an exchange in futures and over-the-counter market transactions.

改為

Describe the role of an exchange in futures transactions.

刪除了包含OTC部分的要求

4、Identify the differences between a normal and inverted futures market.

改為

Explain the differences between a normal and inverted futures market.

5、Explain the different market quotes.

刪除本條

第八章Using Futures for Hedging：

新增

Calculate the profit and loss on a short or long hedge.

第九章Foreign Exchange Markets ：LOS沒有變化

第十章Pricing Financial Forwards and Futures ：LOS沒有變化

第十一章Commodity Forwards and Futures：

Describe the cost of carry model and illustrate the impact of storage costs and convenience yields on commodity forward prices and no-arbitrage bounds

改為

Describe the cost of carry model and determine the impact of storage costs and convenience yields on commodity forward prices and no-arbitrage bounds

第十二章Options Markets：

1、Describe the types, position variations, payoffs and profits and typical underlying assets of options.

分成兩條

? Describe the various types, uses, and typical underlying assets of options

? Explain the payoff function and calculate the profit and loss from an options position.

2、Describe how trading, commissions, margin requirements and exercise typically work for exchange traded options.

改為

Describe the application of commissions, margin requirements, and exercise procedures to exchange-traded options and explain the trading characteristics of these options

第十三章Properties of Options ：LOS沒有變化

第十四章Trading Strategies ：LOS沒有變化

第十五章Exotic Options ：LOS沒有變化

第十六章Properties of Interest Rates ：

Calculate the duration, modified duration and dollar duration of a bond.

改為

Calculate the Macaulay duration, modified duration and dollar duration of a bond.

第十七章Corporate Bonds：

Define recovery rate and default rate, differentiate between an issue default rate and a dollar default rate and describe the relationship between recovery rates and seniority

改為

Define recovery rate and default rate, and differentiate between an issue default rate and a dollar default rate

第十八章Mortgage and Mortgage-Backed Securities ：LOS沒有變化（*課程中此章歸入valuation講解）

第十九章Interest Rate Futures ：LOS沒有變化

第二十章Swaps ：LOS沒有變化

注意Valuation教材第十四章/第十五章/第十六章內容歸入Financial Market and Products講解

這幾章LOS沒有變化