FRM真题练习，临近考试必做！

FRM真题是历年FRM考试的题目，是FRM考试的重难点地方，因此建议考生在考前能够进行至少三套真题的练习，并对真题的知识点进行总结，帮助自己进行提升！下面是列举的相关真题，希望对备考的你有所帮助！

What are the benefits of novation?

A) Both parties are allowed to walk away from the contract in the event of default.

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B) In a bilateral contract, it is specified that on default, the non-defaulting party nets gains and losses with the defaulting counterparty to a single payment for all covered transactions.

C) Financial market contracts can be terminated upon an event of default prior to the bankruptcy process.

D) Obligations are amalgamated with others.

答案：D

解析：Novation: The extinguishment of a party’s obligation (e.g., the debt of the obligee) through an agreement to substitute the old obligor for a new one.

Which one of the following statements about multilateral netting systems is not accurate?

A) Systemic risks can actually increase because they concentrate risks on the central counterparty, the failure of which exposes all participants to risk.

B) The concentration of risks on the central counterparty eliminates risk because of the high quality of the central counterparty.

C) By altering settlement costs and credit exposures, multilateral netting systems for foreign exchange contracts could alter the structure of credit relations and affect competition in the foreign exchange markets.

D) In payment netting systems participants with net-debit positions will be obligated to make a net settlement payment to the central counterparty that, in turn, is obligated to pay those participants with net credit positions.

答案：B

解析：The concentration of risk on central counterparty results in increased systemic risk. The failure of the central counterpart'/would affect the whole market.

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