小编导读：为帮助广大考生迎战2015年FRM考试，高顿网校为考生们推出了考试名师免费直播答疑与讲义免费下载！进入直播>>
　　9.      Trader A purchases a down-and-out call with a strike price of USD 100 and a barrier at USD 96 from Trader B. Both traders need to unwind their delta hedge at the barrier. Which trader is more at risk if there is a price gap (discontinuity) that prevents them from exiting the trade at the barrier?
　　A.     Trader A has the bigger risk.
　　B.     Trader B has the bigger risk.
　　C.     They both have the same risk.
　　D.     Neither trader has any risk because both are hedged.
　　答疑：这道题说的是动态对冲的问题，对于一个call来说买方的对冲是卖出标的资产，对于卖方来说是买入标的资产，那么对于一个障碍期权来说，如果达到障碍水平，那么就需要清算对冲头寸，对于买方来说就要在低价的时候买入标的资产，而对于卖方来说就要在低价的时候卖出标的资产，所以卖方的损失更大。