小編導(dǎo)讀：您還會(huì)為FRM考試感到煩惱嗎？高頓網(wǎng)校精品題庫，包含歷年真題，模擬試題等題型，題題結(jié)合考試大綱貼近考試考點(diǎn)。堅(jiān)持每天做題練習(xí)，一定可以提升備考效果，為贏取屬于自己的美好明天加油吧！馬上開始練習(xí) >>　　An investor has sold default protection on the most senior tranche of a CDO. If the default correlation between assets held in the CDO decreases sharply, assuming everything else is unchanged, the investor’s position:
　　A. Will gain significant value, since the probability of exercising the protection falls.
　　B. Will lose significant value, since his protection will gain value.
　　C. Will neither gain nor lose value, since only expected default losses matter and correlation does not affect expected default losses.
　　D. Can either increase or decrease, depending on the pricing model used and the market conditions.
　　Answer：A