7. Please give some examples to illustrate very bearish, moderately bearish and mildly bearish trading strategies. 8. What are the main differences among traditional warrants, covered warrants, naked warrants, equity warrants and index warrants? 9. What are the strength and weakness of the comparative advantage argument for the popularity of swaps? 10. When are American call options likely to be exercised earlier than the expiry date? Why is this the case? 11. What is the basis risk? Why does it arise? Can it be eliminated with hedging