2021年FRM考纲变化：Financial Market and Products（金融市场与金融产品）

2021年FRM考纲已经更新，对于新考纲的了解，对于备考FRM是很有帮助的。下文是对Financial Market and Products（金融市场与金融产品）考纲变化的介绍，一起看看吧！>>>点击领取2021年FRM备考资料大礼包（戳我免·费领取）

Financial Market and Products（金融市场与金融产品）占比是30%。

在新的考纲中，调整部分多为描述性词汇的调整，主干知识点没有实质性的改变。

Financial Market and Products（金融市场与金融产品）考纲变化主要是：

第 一章Banks ：LOS没有变化

第二章Insurance Companies and Pension Plan:

新增

Compare the various types of life insurance policies.

第三章Fund Management ：LOS没有变化

第四章Introduction to Derivatives ：

• Describe the over-the-counter market, distinguish it from trading on an exchange and evaluate its advantages and disadvantages.

• Differentiate between options, forwards and futures contracts.

合并为一条

• Describe exchange-traded and over-the-counter markets, and evaluate the advantages and disadvantages of each Differentiate between options, forwards and futures contracts.

第五章Exchanges and OTC markets ：

• Describe the implementation of a margining process and explain the determinants of initial and variation margin requirements.

改做：

• Describe the implementation of a margining process, as well as explain the determinants of and calculate initial and variation margin requirements.

增加calculate的要求。

第六章Central Clearing ：LOS没有变化

第七章Futures Markets：

1、Define and describe the key features of a futures contract, including the underlying asset, the contract price and size, trading volume, open interest, delivery and limits

改为

Define and describe the key features and specifications of a futures contract, including the underlying asset, the contract price and size, trading volume, open interest, delivery and limits

增加了specification的要求。

2、Describe the rationale for margin requirements and explain how they work.

删除本条

3、Describe the role of an exchange in futures and over-the-counter market transactions.

改为

Describe the role of an exchange in futures transactions.

删除了包含OTC部分的要求

4、Identify the differences between a normal and inverted futures market.

改为

Explain the differences between a normal and inverted futures market.

5、Explain the different market quotes.

删除本条

第八章Using Futures for Hedging：

新增

Calculate the profit and loss on a short or long hedge.

第九章Foreign Exchange Markets ：LOS没有变化

第十章Pricing Financial Forwards and Futures ：LOS没有变化

第十一章Commodity Forwards and Futures：

Describe the cost of carry model and illustrate the impact of storage costs and convenience yields on commodity forward prices and no-arbitrage bounds

改为

Describe the cost of carry model and determine the impact of storage costs and convenience yields on commodity forward prices and no-arbitrage bounds

第十二章Options Markets：

1、Describe the types, position variations, payoffs and profits and typical underlying assets of options.

分成两条

• Describe the various types, uses, and typical underlying assets of options

• Explain the payoff function and calculate the profit and loss from an options position.

2、Describe how trading, commissions, margin requirements and exercise typically work for exchange traded options.

改为

Describe the application of commissions, margin requirements, and exercise procedures to exchange-traded options and explain the trading characteristics of these options

第十三章Properties of Options ：LOS没有变化

第十四章Trading Strategies ：LOS没有变化

第十五章Exotic Options ：LOS没有变化

第十六章Properties of Interest Rates ：

Calculate the duration, modified duration and dollar duration of a bond.

改为

Calculate the Macaulay duration, modified duration and dollar duration of a bond.

第十七章Corporate Bonds：

Define recovery rate and default rate, differentiate between an issue default rate and a dollar default rate and describe the relationship between recovery rates and seniority

改为

Define recovery rate and default rate, and differentiate between an issue default rate and a dollar default rate

第十八章Mortgage and Mortgage-Backed Securities ：LOS没有变化（*课程中此章归入valuation讲解）

第十九章Interest Rate Futures ：LOS没有变化

第二十章Swaps ：LOS没有变化

注意Valuation教材第十四章/第十五章/第十六章内容归入Financial Market and Products讲解

这几章LOS没有变化