Huawei H12-722_V3.0

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HCIP-Security-CSSN V3.0

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A brokerage firm, which has $10 million in S&P500 stocks, enters into an equity swap with a pension fund which currently has $10 million in a short term savings account earning LIBOR. If these two entities were to arrange a proper equity swap, in which payments are to be made annually, what would be the net payment for a period that saw the S&P500 net 12% and LIBOR set at 8%?
A. Brokerage firm makes a net payment of $400,000.
B. Pension plan makes a net payment of $400,000.
C. Pension plan makes a net payment of $200,000.
Answer: A
A proper swap would involve the brokerage firm making payments equal to S&P 500 returns in exchange for LIBOR.
Brokerage pays 12% of 10 million = $1,200,000. Pension Pays 8% of 10 million = 800,000. Net payable
(broker's perspective): $400,000

A. 評価に多数のリスク要因を受け入れます。
B. 長期監査計画を守る必要のある最高監査責任者に文書を提供します。
C. リスクと優先順位に重みを適用する体系的な方法を提供します。
D. 最高監査責任者側の判断の必要性を排除します。
Answer: D

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