问题
单项选择题
When a call option on a future is exercised, the buyer receives:()
A. a short position in the underlying future.
B. an option to purchase the underlying future.
C. a long position in the underlying future and a cash payment.
答案
参考答案：C
解析：
The underlying asset, of a call option on a future, is the futures contract. When a call futures option is exercised, the buyer receives a long position in the future and a cash payment equal to the cash settlement price minus the exercise price of the futures option. Since the underlying asset is not a physical good, no physical good is received when the call option on a future is exercised.