12. Which of the following statements is true A. Basis is equal to the futures price minus the holding underlying asset cost B. Basis is equal to the spot price minus the futures price C. Basis is equal to the spot price minus the holding underlying asset cost D. The basis difference is equal to the holding underlying asset cost 13. The main purpose of financial swaps is to change the risk structure of the trader, thereby avoiding the corresponding risks A. Assets and liabilities B. Asset C. Liabilities D. Assets or liabilities 14. Which of the following situations can make copper producer use copper futures to short hedging A. Copper concentrate prices rose sharply B. There are large inventories of copper that have not been sold C. Spot copper prices are much higher than futures prices D. The producer has entered a short forward contrac/ with fixed prices 15. On October 21, 2021, Barclay offers the market quotation of a forward interest rate agreement as 3.98654.0865, with a reference rate of Sterling LIBOR of 3 months. If a customer, as the seller, signs this FRA with a nominal principal of 1 million , what is the agreed interest rate? What may be the purpose of the customer signing FRA? A. The agreed interest rate is 3.9865 percent and the client expects a three-month project to be financed one month later B. The agreed interest rate is 3.9865 percent, and the client expects to receive 1 million in one month and plans to make an investment for 3 months C. The agreed interest rate is 4.0865 percent, and the client expects a three-month project to be financed one month later D. The agreed interest rate is 4.0865 percent. The client expects to receive 1 million yuan in one month and plans to invest for 3 months