小编导读：您还会为FRM考试感到烦恼吗？高顿网校精品题库，包含历年真题，模拟试题等题型，题题结合考试大纲贴近考试考点。坚持每天做题练习，一定可以提升备考效果，为赢取属于自己的美好明天加油吧！马上开始练习 >>　　An investor has sold default protection on the most senior tranche of a CDO. If the default correlation between assets held in the CDO decreases sharply, assuming everything else is unchanged, the investor’s position:
　　A. Will gain significant value, since the probability of exercising the protection falls.
　　B. Will lose significant value, since his protection will gain value.
　　C. Will neither gain nor lose value, since only expected default losses matter and correlation does not affect expected default losses.
　　D. Can either increase or decrease, depending on the pricing model used and the market conditions.
　　Answer：A