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8011 Exam Topic | Key 8011 Concepts

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Key 8011 Concepts, 8011 Lab Questions

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PRMIA Credit and Counterparty Manager (CCRM) Certificate Exam Sample Questions (Q206-Q211):

NEW QUESTION # 206
A bank holds $10m of a corporate debt that it has purchased CDS protection against. What is the impact on the short term liquidity of the bank in the event of a default by the corporate on its bonds?

• A. Cannot be determined without information on recovery rates
• B. An immediate reduction in available liquidity
• C. No impact
• D. A short term increase in available liquidity

Answer: D

Explanation:
The immediate impact of the default would be to improve the liquidity available in the short term due to the pay out from the CDSs.
It is also important to consider the impact on liquidity from the occurence of a default even in situations where CDS protection may not have been purchased. In such cases, there may be a nearer term payout in the form of the recovery rate. Of course, recovery payments are generally not realized for longer periods of time as court cases linger on, but there is a good likelihood that a payment, albeit lower in total, is likely to be realized sooner than the maturity of the bond in cases where the bond is a longer term bond. At the same time, any interest payments, and the final principal payment, which may have been included in liquidity projections, will not occur.

NEW QUESTION # 207
Between two options positions with the same delta and based upon the same underlying, which would have a smaller VaR?

• A. the position with a higher gamma
• B. both positions would have an identical VaR
• C. the position with a higher theta
• D. the position with a lower gamma

Answer: A

Explanation:
The second order approximation of the VaR of an options position is given by [Option delta x Underlying's VaR - Option gamma/2 x (Underlying's VaR)