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Compared to at-the-money currency options, out-of-the-money currency options exhibit which of the following volatility traits?》》》戳：免费领取FRM各科视频讲义+历年真题+21年原版书（PDF版）

A) Lower implied volatility.

B) Afrown.

C) Asmirk.

D) Higher implied volatility.

答案：D

解析：Away-from-the-money currency options have greater implied volatility than at-the-money options. This pattern results in a volatility smile.

Which of the following items is best described as follows: "When foreign currency option traders allow implied volatility to depend on strike price, patterns of implied volatility are generated"?

A) Volatility smile.

B) Volatility skew.

C) Volatility surface.

D) Volatility term structure.

答案：A  【资料下载】FRM一级思维导图PDF版

解析：In the case of equity options, the volatility smile is sometimes referred to as a volatility skew. The volatility term structure is a listing of implied volatilities as a function of time to expiration for at-the-money option contracts. Avolatility surface is nothing other than a combination of a volatility term structure with volatility smiles.

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