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Exam ICWIM Topic 1 Question 101 Discussion

Actual exam question for CISI's ICWIM exam
Question #: 101
Topic #: 1
If the holder of a long futures contract sells it ahead of expiry, they are considered to have:

Suggested Answer: B Vote an answer

* Long Futures Contract Defined
* A long futures contract represents a commitment to buy an underlying asset at a set price on a future date.
* Closing Out the Position
* If the holder sells the contract before expiry, they are said toclose out the position, effectively negating their obligation to take delivery of the underlying asset.
* Why the Answer is B
* Selling ahead of expiry removes the obligation, hence closing the position.
* Why Other Options are Incorrect
* A. Exercised: Applies to options, not futures.
* C. Taken delivery: Happens only if the contract is held to maturity.
* D. Delivered: Applies to the short position, not the long holder.
* ICWIM Study Guide, Chapter on Derivatives: Explains closing out futures contracts.
* Futures Market Principles: Discusses position management in futures trading.
References

by Bert at Aug 08, 2025, 07:52 AM

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