5. You are the portfolio manager at the Fund of Antipodes and have just sold $100M of a

position that you previously held in a 10 Year Bond issued by the Treasury Corporation of

Victoria. You have executed this transaction on an EFP (Exchange of Futures for Physical)

basis with the National Australia Bank, using the ASX 10 Year Government Bond Futures

Contract.

Choose the most appropriate answer that describes the position created by the transaction:

A. A long futures position at the Fund of Antipodes and a short futures position at the

Treasury Corporation of Victoria

B. A long futures position at the Fund of Antipodes and a short futures position at the

National Australia Bank.

C. A short futures position at the Fund of Antipodes and a long futures position at the

National Australia Bank

D. A short position in the TCV 10 Year Bond and a long position in the futures contract

at the Fund of Antipodes.

E. None of the above.