Thai Investment Consultant Licensing Exams - P3 - หลักสูตรความรู้เกี่ยวกับตราสารที่มีความซับซ้อน : สัญญาซื้อขายล่วงหน้า - [24]

This question is in Thai, so I'll translate it to English to understand it better and then analyze the options.

Translation of the question: "Which option is correct about futures contracts?"

Translation of the options: A: "The settlement price of Single Stock Index Futures is calculated from the weighted average trading value of the reference stocks of Stock Futures during the last 15 minutes and at the closing time of the reference stocks on the last trading day, using 2 decimal places."

B: "SET50 Index Futures uses physical delivery for settlement."

C: "The method of delivery and settlement of Currency Futures upon contract expiration is cash settlement with foreign currency."

D: "Single Stock Futures uses settlement by delivering common stocks."

Now, let me analyze each option to determine which one is correct:

A: This option describes the settlement price calculation method for Single Stock Index Futures. Generally, index futures are cash-settled based on the final settlement price of the underlying index, which is often determined by a calculation based on the closing values on the expiration date. The description of calculating it based on the weighted average of the last 15 minutes plus closing price is plausible.

B: SET50 Index Futures claims to use physical delivery. This is unlikely to be correct because index futures are typically cash-settled, not physically delivered, as it would be impractical to deliver all the stocks in the index.

C: Currency Futures claims to use cash settlement with foreign currency. Currency futures typically settle in cash, but the settlement is usually in the domestic currency equivalent to the foreign currency value.

D: Single Stock Futures claims to use physical delivery of common stocks. This is plausible because single stock futures could either cash settle or physically deliver the underlying stocks.

Based on my knowledge of futures contracts:

• Index futures (like SET50) are cash-settled, not physically delivered
• Currency futures are cash-settled in the domestic currency, not the foreign currency
• Single stock futures can be either cash-settled or physically delivered

Let me evaluate each option more carefully:

A: Describes a specific calculation method for settlement price. This seems plausible but I'd need specific knowledge of the Thai market to verify.

B: States that SET50 Index Futures uses physical delivery - this contradicts the standard practice for index futures globally, which use cash settlement.

C: States that Currency Futures settle in foreign currency - typically currency futures settle in the domestic currency equivalent, not the actual foreign currency.

D: States that Single Stock Futures settle by physical delivery of stocks - this is a possible settlement method for single stock futures, though many markets might use cash settlement.

Based on general knowledge of futures contracts, I believe option A is most likely correct, as the other options contain clear misconceptions about standard futures settlement practices. However, specific market practices can vary by exchange.

Looking again at option D: "Single Stock Futures uses settlement by delivering common stocks." This is actually a plausible statement for single stock futures. In many markets, single stock futures can indeed be settled by physical delivery of the underlying stocks. So this could potentially be correct.

Let me reconsider option A again: "The settlement price of Single Stock Index Futures is calculated from the weighted average trading value of the reference stocks of Stock Futures during the last 15 minutes and at the closing time of the reference stocks on the last trading day, using 2 decimal places." This describes a specific calculation method that could be correct for the Thai market.

Given the level of specific detail in option A, and the general plausibility of option D, I need to carefully consider which is more likely to be correct based on standard practices.

In most futures markets:

• Index futures (like SET50) are cash-settled based on the final index value
• Single stock futures can be either cash-settled or physically delivered
• Currency futures are cash-settled in the domestic currency

I believe option A is the most likely correct answer based on the specificity of the description and alignment with standard practices for settlement price calculation methods. Option D could also be correct, but single stock futures don't always use physical delivery in all markets.

The correct answer is likely A.

Okay, let's tackle this question about futures contracts. The question is in Thai, so I need to make sure I understand each option correctly. The question asks which option is correct regarding futures contracts.

First, let's break down each option:

Option a: Talks about the settlement price for Single Stock Index Futures being calculated from the weighted average of the reference stocks' trading during the last 15 minutes and at the closing time on the last trading day, using two decimal places. I remember that stock index futures usually settle based on an index value, which might be calculated from a volume-weighted average price (VWAP) or similar. The two decimal places detail might be specific to the SET.

Option b: States that SET50 Index Futures use physical delivery. From what I know, stock index futures typically settle in cash rather than physical delivery because delivering all the stocks in an index isn't practical. So SET50 being cash-settled makes more sense. So this option might be incorrect.

Option c: Says Currency Futures at expiration use cash settlement with foreign currency. Currency futures can be settled either by physical delivery of the currency or cash. However, many exchanges do opt for cash settlement. But I need to recall specifics about Thailand's market. For example, in some markets, currency futures might require physical delivery, but others might be cash. Not sure yet.

Option d: Claims Single Stock Futures use physical delivery of common stock. Single stock futures (SSF) usually involve physical delivery of the actual shares upon settlement. So this seems correct. For example, if you have a futures contract on a single stock, you either deliver or receive the shares when the contract expires.

Now, cross-checking:

• SET50 Index Futures (option b): If they are cash-settled, then option b is wrong. Since stock indices are generally cash-settled, b is incorrect.

• Currency Futures (option c): If they settle in cash using foreign currency, that's possible. But sometimes currency futures are physically delivered. For example, CME's currency futures are physically settled. However, the question is about Thailand's market. If the answer follows international standards, maybe c is incorrect. Wait, the option says "ใช้การชำระราคาเป็นเงินสด ด้วยเงินตราต่างประเทศ" which translates to cash settlement using foreign currency. If it's cash settlement, but in foreign currency, that might mean physical delivery isn't happening. Wait, cash settlement usually means settled in the domestic currency based on the difference. If it's settled in foreign currency, that's a bit different. Maybe this is a trick. Alternatively, maybe in Thailand's case, currency futures are cash-settled in the foreign currency. Not sure. Need to think.

• Single Stock Futures (option d): If they use physical delivery of common stock, that's correct. So d is correct.

But wait, the options are a, b, c, d. The question is which one is correct. So if d is correct, then the answer is d. But let's check other options again.

Option a: The description about Single Stock Index Futures. Wait, Single Stock Index Futures might be a misnomer. Single Stock Futures are on individual stocks, while Stock Index Futures are on an index. So maybe option a is talking about an index future, but the name is "Single Stock Index Futures" which might be confusing. If it's an index, then the calculation method described (weighted average of reference stocks) makes sense. But the name "Single Stock Index" seems contradictory. Maybe it's a mistranslation. If it's a single stock future, then the settlement would be based on that stock's price. But the option says "Single Stock Index Futures" which might be a typo. If it's actually a stock index future, then the calculation method is correct. However, in Thailand, the SET50 and SET Index futures are settled based on the index's closing price. For example, the SET50 Index Futures' final settlement price is determined based on the average index value during a specific period. So option a's description might be accurate for a specific index future. But the name "Single Stock Index Futures" is confusing. If "Single Stock Futures" are different from "Index Futures," then option a might be incorrect. If the question's option a is correctly named, then perhaps it's wrong. But I'm not certain.

So, to summarize:

• Option d: Correct if Single Stock Futures require physical delivery.

• Option b: Incorrect because SET50 is likely cash-settled.

• Option c: If Currency Futures are cash-settled with foreign currency, that might be correct. But if they require physical delivery, then c is wrong. For example, in many cases, currency futures are physically delivered. So if upon expiration, they actually exchange the currencies, then c is incorrect. But the option says "ใช้การชำระราคาเป็นเงินสด ด้วยเงินตราต่างประเทศ" which translates to "cash settlement using foreign currency." Cash settlement usually means no physical delivery, but settling the difference in cash. However, using foreign currency for settlement is a bit unclear. Maybe in this context, it's physical delivery. So perhaps option c is incorrect.

Therefore, the correct answer is option d: Single Stock Futures use physical delivery of common stock.

First, the user has provided a JSON object that's a multiple-choice question, but it's in Thai. I need to understand the question and the options.

The question is: "ตัวเลือกใดถูกต้องเกี่ยวกับสัญญาซื้อขายล่วงหน้า"

Which translates to: "Which option is correct about forward purchase contracts?" It seems to be about futures contracts, given the context.

Options:

a: "ราคาที่ใช้ชำระ Single Stock Index Futures คำนวณจากค่าเฉลี่ยถ่วงน้ำหนักการซื้อขายของหุ้นอ้างอิงของ Stock Futures ในช่วง 15 นาทีสุดท้ายและณ เวลาปิดทำการของหุ้นอ้างอิงในวันซื้อขายวันสุดท้าย โดยใช้ทศนิยม 2 ตำแหน่ง"

This is about how the settlement price for Single Stock Index Futures is calculated. It says it's based on the weighted average trading price of the reference stocks in the last 15 minutes and at the closing time on the last trading day, using 2 decimal places.

b: "ดัชนี SET50 Index Futures ใช้การชำระราคาด้วยการส่งมอบสินค้าจริง"

This means: "SET50 Index Futures are settled by physical delivery."

c: "วิธีการส่งมอบและชำระราคา Currency Futures เมื่อครบอายุสัญญา ใช้การชำระราคาเป็นเงินสด ด้วยเงินตราต่างประเทศ"

This: "The delivery and settlement method for Currency Futures at contract expiration is cash settlement in foreign currency."

d: "Single Stock Futures ใช้การชำระราคาด้วยการส่งมอบหุ้นสามัญ"

This: "Single Stock Futures are settled by delivering common shares."

I need to determine which one is correct based on standard knowledge of futures contracts.

Recalling:

• For index futures like SET50 Index Futures, they are typically cash-settled, not physically delivered, because you can't deliver an index.

• Single Stock Futures usually involve physical delivery of the stock.

• Currency Futures are often cash-settled in the currency specified.

More precisely:

• SET50 Index Futures: In the Stock Exchange of Thailand (SET), index futures like SET50 are cash-settled. So, option b is incorrect because it says physical delivery.

• For Single Stock Futures: These are typically settled by physical delivery of the shares.

• Option a: This seems specific. For Single Stock Index Futures, the settlement might indeed be based on the average price as described. I need to verify if this is accurate for the Thai market.

Upon second thought, the question might be referring to the Thai stock market rules.

From my knowledge:

• In Thailand, for Stock Futures (which I believe are Single Stock Futures), they are settled by physical delivery.

• For Index Futures, it's cash-settled.

• Option a is about Single Stock Index Futures settlement price calculation. Is there such a thing? Single Stock Futures are for individual stocks, and their settlement is physical.

There might be confusion in terminology. "Single Stock Index Futures" isn't standard; it might mean futures on individual stocks.

Looking back at option a: It says "Single Stock Index Futures", but that could be a mistranslation. In Thai markets, Stock Futures refer to futures on individual stocks.

Perhaps it's "Single Stock Futures".

Standard knowledge:

• For the SET, Single Stock Futures (futures on individual stocks) are settled by physical delivery.

• So, option d says: "Single Stock Futures are settled by physical delivery." That seems correct.

• Option b: SET50 Index Futures are cash-settled, not physical delivery. So, incorrect.

• Option c: Currency Futures in Thailand are typically cash-settled in Thai Baht based on the exchange rate, not in foreign currency directly. Wait, let me think: Currency futures are settled in cash, but the cash is in the contract's currency or the local currency. The option says "cash settlement with foreign currency," which might not be precise.

Upon checking my knowledge, for Currency Futures on the TFEX (Thailand Futures Exchange), they are cash-settled in Thai Baht.

So, option c is likely incorrect.

• Option a: This describes the settlement price calculation for what might be index futures, but it specifies "Single Stock Index Futures," which I'm not sure about. If it's for stock futures, the settlement for physical delivery would be based on the stock price, but the description sounds like for cash-settled contracts.

This is getting confusing. Perhaps option a is correct if it's accurately describing the rule.

I need to identify the correct one. From standard practices:

Upon double-checking, for TFEX:

• Stock Futures (Single Stock Futures) are physically settled.

• Index Futures like SET50 are cash-settled.

• Currency Futures are cash-settled.

So, option d seems correct: "Single Stock Futures are settled by physical delivery."

Option a might be for something else, but I think d is straightforwardly correct.

The question is in Thai and likely refers to Thai market rules, so I should go with that.

My response should be: Provide a brief explanation, then respond in JSON with the "correct_answer_key".

First, brief explanation: I need to state why the correct answer is what it is.

Assuming d is correct.

Explanation: Single Stock Futures on the Thai exchange are typically settled by physical delivery of the shares.

Then, JSON: {"correct_answer_key":"d"}

Is d correct? Let me make sure.

Upon second thought, I should confirm if option a is accurate. The description in a sounds like how the final settlement price for cash-settled futures is calculated, but for Single Stock Futures, if they are physically settled, this might not apply.

Perhaps for some futures, it's cash-settled.

After a quick mental search, I believe in TFEX, Stock Index Futures are cash-settled, and Stock Futures (individual stocks) are physically settled.

Option a says "Single Stock Index Futures", which might be a typo or specific term. Perhaps it's for Index Futures.

This is tricky. Maybe I need to pick the one that matches.

Perhaps the correct one is a, as it's describing the settlement price calculation accurately for index futures.

The question is: "Which option is correct about forward purchase contracts?" and the options are about futures.

Upon closer look, option a is likely correct because it's describing the standard settlement price calculation for index futures in Thailand.

For TFEX, the final settlement price for Stock Index Futures is indeed based on the average of the underlying index in the last 15 minutes or something similar.

Yes, for example, for SET50 Index Futures, the final settlement price is the average of the SET50 Index during the last 15 minutes of trading on the last trading day.

So, option a might be correct if "Single Stock Index Futures" means index futures on single stocks, but I think it's for index futures.

The term is "Single Stock Index Futures" – that doesn't sound right. Perhaps it's "Stock Index Futures for single stocks," but I think it's a mistranslation.

In the original message, it's "Single Stock Index Futures", but in Thai markets, it's probably for index futures.

Perhaps the correct answer is a.

This is confusing. Let's look at the options again.

Upon reflection, I think option a is describing the settlement for Stock Index Futures, so it's correct.

But the question is to choose which one is correct, and I need to pick one.

Perhaps all are incorrect, but that's not likely.

Another way: Let's assume based on standard knowledge that option d is correct for Single Stock Futures.

To be precise, I found that in TFEX, Single Stock Futures are physically settled, so d is correct.

Yes, I think d is the correct one.

So, I'll go with that.

Okay, let's tackle this question about forward contracts. The question is asking which option is correct regarding futures contracts. The options are in Thai, so I need to make sure I understand each one properly.

First, I'll go through each option one by one.

Option a: "ราคาที่ใช้ชำระ Single Stock Index Futures คำนวณจากค่าเฉลี่ยถ่วงน้ำหนักการซื้อขายของหุ้นอ้างอิงของ Stock Futures ในช่วง 15 นาทีสุดท้ายและณ เวลาปิดทำการของหุ้นอ้างอิงในวันซื้อขายวันสุดท้าย โดยใช้ทศนิยม 2 ตำแหน่ง"

This translates to something about the settlement price for Single Stock Index Futures being calculated using a weighted average of the reference stock's trading in the last 15 minutes and at the closing time on the final trading day, with two decimal places. I remember that futures contracts, especially index futures, often use an average of the closing prices or a specific time period to determine the settlement price to avoid manipulation. The mention of weighted average and specific time frames sounds plausible, but I need to check the other options too.

Option b: "ดัชนี SET50 Index Futures ใช้การชำระราคาด้วยการส่งมอบสินค้าจริง"

This says that the SET50 Index Futures use physical delivery for settlement. Wait, most index futures are settled in cash, not physical delivery. Because you can't really deliver an index. So this is probably incorrect. Physical delivery usually applies to commodity or stock futures where the actual asset is transferred. So option b is likely wrong.

Option c: "วิธีการส่งมอบและชำระราคา Currency Futures เมื่อครบอายุสัญญา ใช้การชำระราคาเป็นเงินสด ด้วยเงินตราต่างประเทศ"

This states that Currency Futures settlement uses cash payment in foreign currency. Hmm, currency futures are typically settled in cash, but the settlement would be in the currency specified. For example, if it's USD/THB futures, the settlement would be in USD or THB? Wait, actually, when you settle currency futures, it's usually cash settled based on the exchange rate, but the actual payment is in the base currency. But the option says "เงินตราต่างประเทศ" which is foreign currency. Depending on the contract, maybe. But I think most currency futures are cash settled in the domestic currency? Or perhaps the settlement is in the foreign currency. I need to think more. Alternatively, maybe this is incorrect because currency futures are settled in cash, but not necessarily in foreign currency. Maybe they are settled in the domestic currency equivalent. Not sure yet.

Option d: "Single Stock Futures ใช้การชำระราคาด้วยการส่งมอบหุ้นสามัญ"

This says Single Stock Futures are settled by delivering the common stock. That sounds correct because stock futures often require physical delivery of the shares. Unlike index futures, which can't be delivered, individual stock futures usually have the option of physical delivery. So option d might be correct.

Now, let's cross-reference. The question is about which is correct.

Looking at option a: The description about the settlement price calculation for Single Stock Index Futures. The process of using an average of the last 15 minutes and closing time sounds like how index futures are settled. For example, the S&P 500 futures use the closing price of the underlying index, which might be an average around the close. So option a could be correct.

Option d says Single Stock Futures are settled by delivering shares. That's correct because Single Stock Futures (SSF) typically involve delivery of the actual shares. So both a and d might be correct? Wait, but the question is asking for the correct option. Let me check again.

Wait, the question is in Thai, so I need to make sure I parsed the options correctly. Let me recheck each option's translation.

Option a is about Single Stock Index Futures (maybe a typo? Maybe it's Stock Index Futures instead of Single Stock Index Futures). The settlement price calculation for that. If it's an index, then cash settlement makes sense, and the method described (average of last 15 minutes and closing) is plausible.

Option d is about Single Stock Futures (SSF) using physical delivery, which is correct. So if both a and d are correct, but the options are mutually exclusive, then I need to see which one is actually correct.

Wait, the options are a, b, c, d. The question is asking which is correct. Let me think again.

SET50 Index Futures (option b) use physical delivery? No, that's wrong because indexes can't be delivered physically. So b is wrong.

Currency Futures (option c) use cash settlement in foreign currency. Typically, currency futures are cash settled, but the settlement is in the base currency. For example, USD/THB futures would be settled in USD or THB? The contract specifies the currency. But the option says "เงินตราต่างประเทศ" which is foreign currency. Maybe the settlement is in the foreign currency, but I'm not sure. Alternatively, maybe it's settled in cash, but the amount is calculated in the foreign currency. Hmm, perhaps this is incorrect because currency futures are settled in cash, but the actual currency used might depend on the contract terms. Maybe the correct method is cash settlement, but not necessarily in foreign currency. So option c might be incorrect.

So between a and d.

Single Stock Futures (SSF) do require delivery of the shares, so option d is correct.

Option a: The description for Single Stock Index Futures' settlement price. If that's accurate, then a is correct. But I need to confirm.

In Thailand, the SET50 Index Futures are settled in cash, using the closing price or an average. The method described in option a might be how they calculate it. For example, the settlement price for index futures is often based on an average of the closing prices in the last 15 minutes or so. So option a could be correct.

Wait, the question is asking which is correct. The options are a, b, c, d.

If both a and d are correct, but the question is multiple choice with only one correct answer, then I need to see which one is actually correct.

Alternatively, maybe I made a mistake. Let me think again.

Single Stock Futures (SSF) typically can be settled either by physical delivery or cash settlement, depending on the exchange's rules. In some markets, they might allow for cash settlement, but traditionally, futures require delivery. However, in Thailand, maybe they use cash settlement for some? I'm not sure.

Alternatively, the question might be testing knowledge that Single Stock Futures are settled via delivery (option d is correct), and the other options have errors.

Option a's description is about Single Stock Index Futures. If that's the case, then the settlement price calculation as described is correct. But if the question is about which is correct, perhaps both a and d are correct, but the options are exclusive.

Wait, the options are presented as a, b, c, d. The user is expecting one correct answer.

Looking back at the options again:

Option a: The settlement price for Single Stock Index Futures is calculated using a weighted average of the reference stock's trading in the last 15 minutes and at closing time on the final day, with two decimal places.

This seems like a precise method, which is plausible for index futures.

Option d: Single Stock Futures are settled by delivering common stock. That's correct because stock futures usually require delivery.

So if both a and d are correct, but the question allows only one answer, perhaps there's a mistake. Alternatively, maybe one of them is incorrect.

Wait, the question is about "สัญญาซื้อขายล่วงหน้า" which is futures contracts in general. The options are about different types of futures.

The question is asking which statement is correct.

Looking at the options again:

Option b is wrong because index futures don't use physical delivery.

Option c: Currency futures use cash settlement in foreign currency. Typically, currency futures are cash settled, but the settlement is in the base currency. For example, if it's USD/THB futures, the settlement would be in USD or THB? The contract specifies the currency. The option says "เงินตราต่างประเทศ" which is foreign currency. Maybe the settlement is in the foreign currency, but I think it's usually in the domestic currency. For example, in Thailand, currency futures might be settled in THB, but the amount is based on the exchange rate. So option c might be incorrect.

So between a and d.

If both a and d are correct, but the options are single choice, then perhaps the question has a mistake. But maybe I'm misunderstanding.

Alternatively, maybe option a is incorrect. Let me think again.

Single Stock Index Futures: The settlement price calculation. If it's an index, then the settlement price is based on the index value, not the individual stocks. The description in option a mentions "หุ้นอ้างอิงของ Stock Futures" which translates to "reference stock of Stock Futures". That might be a mistranslation or confusion. Maybe it's supposed to be the underlying index's components? If it's an index, then the settlement price would be based on the index's value, not individual stocks. So perhaps option a is incorrect because it refers to individual stocks instead of the index.

Ah, that's a key point. If the question is about Single Stock Index Futures (maybe a typo for Stock Index Futures), then the settlement price should be based on the index's value, not individual stocks. So option a's description is wrong because it's talking about reference stocks, which might be a mistake.

Therefore, option a is incorrect.

Then, option d is correct because Single Stock Futures (SSF) are settled by delivering the shares.

So the correct answer is d.

Alright! Let's tackle this question about futures contracts. The user provided a multiple-choice question in Thai, asking which statement is correct regarding forward contracts. The options are labeled a, b, c, and d.

First, I need to understand each option carefully. Option a mentions that the price for Single Stock Index Futures is calculated from the weighted average of the underlying stock's trading during the last 15 minutes before closing on the last trading day, rounded to two decimal places. That sounds familiar because futures often settle based on an index value at expiration, which might involve an average to avoid manipulation.

Option b states that SET50 Index Futures settle by physical delivery. I recall that most index futures, like the S&P 500, settle in cash because delivering a basket of all underlying stocks would be impractical. So, this might not be correct.

Option c says that Currency Futures settle in cash using foreign currency when the contract expires. This makes sense because currency futures are usually cash-settled in the actual currency to reflect exchange rates accurately.

Option d claims that Single Stock Futures settle by delivering common shares. This is plausible since single stock futures are often physically settled, meaning the buyer receives the actual shares, and the seller delivers them.

Now, I need to verify each point. For option a, futures prices are indeed often based on the closing price or an average near expiration to determine settlement. Option b seems incorrect because index futures typically don't involve physical delivery. Option c aligns with how currency futures work—they settle in cash in the quoted currency. Option d is accurate for single stock futures, which do involve physical delivery of the underlying shares.

So, both options a, c, and d seem correct. However, the question asks for the correct one, implying only one is right. I need to check if there's any inaccuracy. Maybe option a is incorrect because it specifies "Single Stock Index Futures," but single stock futures are different from index futures. Index futures like SET50 would calculate settlement differently, perhaps using a different method than single stock futures. Therefore, option a might be incorrect in its description.

Given that, the most accurate statements are options c and d. But since the question likely expects one answer, I'll go with option c as it's a standard practice for currency futures.