Please use the grid provided on page two of the Candidate Answer Booklet to record your answers to each multiple choice question. Do not write out the answers to the MCQs on the lined pages of the answer booklet.
Each question is worth 2 marks.

Which of the following are descriptions of basis risk?
(1) It is the difference between the spot exchange rate and currency futures exchange rate
(2) It is the possibility that the movements in the currency futures price and spot price will be different
(3) It is the difference between fixed and floating interest rates
(4) It is one of the reasons for an imperfect currency futures hedge
A 1 only
B 1 and 3
C 2 and 4 only
D 2, 3 and 4

Answer：

 C
Basis risk is the possibility that movements in the currency futures price and spot price will be different. It is one of the reasons for an imperfect currency futures hedge.

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