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　　9.      Trader A purchases a down-and-out call with a strike price of USD 100 and a barrier at USD 96 from Trader B. Both traders need to unwind their delta hedge at the barrier. Which trader is more at risk if there is a price gap (discontinuity) that prevents them from exiting the trade at the barrier?
　　A.     Trader A has the bigger risk.
　　B.     Trader B has the bigger risk.
　　C.     They both have the same risk.
　　D.     Neither trader has any risk because both are hedged.
　　答疑：這道題說的是動態(tài)對沖的問題，對于一個call來說買方的對沖是賣出標的資產，對于賣方來說是買入標的資產，那么對于一個障礙期權來說，如果達到障礙水平，那么就需要清算對沖頭寸，對于買方來說就要在低價的時候買入標的資產，而對于賣方來說就要在低價的時候賣出標的資產，所以賣方的損失更大。