CFA职业道德与专业行为标准（CFA Ethical and Professional Standards）向来是CFA一级和CFA二级考试的重点之一（CFA一级的比重达15%）。
在CFA考试中，涉及到职业道德与专业行为标准的考题往往最先出现。迅速并准确解答这部分考题，不仅有助于从考试开始就建立起信心，也能提高通过考试的机率。
CFA道德规范和专业行为准则练习题＂Morality＂exercise:Examples of derivatives
Questions 1:
Which of the following attributes is least likely to be a requirement for the existence of riskless arbitrage?The underlying security:
A、can be sold short.
B、is a financial asset.
C、is relatively liquid.
【Answer to question 1】B
【analysis】
B is correct.For riskless arbitrage to exist,the underlying security that can be arbitraged may be either a financial or a non-financial security.
A is incorrect.For riskless arbitrage to exist,the underlying security must be able to be short sold.
C is incorrect.For riskless arbitrage to exist,the underlying security must be relatively liquid so it is easy to buy and sell at a low cost.
Questions 2:
Which of the following is least likely to be an example of a derivative?
A、An exchange-traded fund
B、A contract to sell Alphabet Inc.’s shares at a fixed price
C、A contract to buy Australian dollars at a predetermined exchange rate
【Answer to question 2】A
【analysis】
A is correct.Although an exchange-traded fund derives its value from the underlying assets it holds,it does not transform the performance of those assets and so is not a derivative.
B is incorrect.A contract to sell Alphabet Inc.’s shares transforms the performance of the underlying shares of Alphabet Inc and is an example of an option derivative.
C is incorrect.A contract to buy Australian dollars transforms the performance of the underlying currency and is an example of a currency derivative.
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