PRACTICE BY UNIT
CFA Level I — Derivatives: 76 practice questions
76 original CFA Level I questions on Derivatives, each with an explanation and its source. Topics: Derivative Instruments and Markets, Pricing and Valuation of Forwards, Futures and Swaps, Options: Pricing, Parity and the Binomial Model. One free sample is below; the rest of the questions are available with a paid plan.
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FREE SAMPLE
One Derivatives question with explanations
Open a question, choose an answer in your head, then open the explanation.
Q1 Derivative Instruments and Markets（デリバティブ商品と市場）Derivative Instruments and Markets
Two dealers agree an OTC interest rate swap and submit it to a central counterparty (CCP) for clearing. The most likely result is that:
- each dealer's counterparty becomes the CCP, and both post margin to it.
- the swap becomes an exchange-traded contract with standardized terms.
- counterparty credit risk is eliminated completely because the CCP never fails.
Show the answer and explanation
Answer: A. A is correct. Through novation, the CCP becomes the buyer to every seller and the seller to every buyer. Initial and variation margin protect the CCP and greatly reduce bilateral counterparty risk.
Sources: CFA Institute, 2026 Level I Topic Outlines (Learning Outcome Statements)
That's the free sample. The rest of the questions are available with a paid plan.
That's the free sample. The rest is available with a plan.
See plansTopics in Derivatives
- Derivative Instruments and Markets（デリバティブ商品と市場）Derivative Instruments and Markets 21
- Pricing and Valuation of Forwards, Futures and Swaps（先渡・先物・スワップの価格と評価）Pricing and Valuation of Forwards, Futures and Swaps 29
- Options: Pricing, Parity and the Binomial Model（オプション価格・パリティ・二項モデル）Options: Pricing, Parity and the Binomial Model 26
FAQ
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The sample question on this page is free to read, with the answer and sources. The full set of 76 Derivatives questions is in the paid plans.
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OTHER UNITS
CFA Level I practice questions by unit
- Ethical and Professional Standards（倫理・職業行為基準）Ethical and Professional Standards 203
- Quantitative Methods（定量分析）Quantitative Methods 85
- Economics（経済学）Economics 85
- Financial Statement Analysis（財務諸表分析）Financial Statement Analysis 144
- Corporate Issuers（コーポレート・イシュアー）Corporate Issuers 85
- Equity Investments（株式投資）Equity Investments 144
- Fixed Income（債券）Fixed Income 144
- Alternative Investments（オルタナティブ投資）Alternative Investments 98
- Portfolio Management（ポートフォリオ・マネジメント）Portfolio Management 116
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