FRM真題是歷年FRM考試的題目，是FRM考試的重難點(diǎn)地方，因此建議考生在考前能夠進(jìn)行至少三套真題的練習(xí)，并對真題的知識點(diǎn)進(jìn)行總結(jié)，幫助自己進(jìn)行提升！下面是列舉的相關(guān)真題，希望對備考的你有所幫助！

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.掃碼參與

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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