[문제] 2017 FRM Part1 테스트뱅크 financial market and products 254쪽 108번

A 90?day futures contract on US LIBOR that expires in one month has a present value
per basis?point sensitivity of USD 25. A 1×4 US LIBOR FRA that settles on the same
date when the futures contract matures has an FRA period of 90 days, and has the same
notional amount as the futures contract would have a present value per basis?point
sensitivity of

A. USD 25.
B. greater than USD 25.
C. less than USD 25.
D. more or less than USD 25 depending on the current US term structure.

[해설] C

A. The FRA payout occurs in the future and is therefore worth less than 25 dollars
B. The FRA payout occurs in the future and is therefore worth less than 25 dollars
C. The change of 25 dollars per basis point is can be realized immediately for a
futures contract and hence the PVBP = 25 dollars. However, the 25 dollars is not
paid until settlement in one month for the FRA. Therefore, the time value of
money implies than the PVBP < 25 dollars.
D. The one month US LIBOR rate determines how much less than 25 dollars the
PVBP is but it is always less than 25 dollars.

문제에서 한 달 뒤 시작하는 90일 금리선물과 1X4 FRA의 차이를 묻고있는데, 위 두 선물의 차이가 정확히 무엇인지 잘 모르겠습니다.
또한 문제에서 첫번째 선물의 경우에 25달러 per bp가 계약이후 즉시 실현된다고 하고 1X4 FRA의 경우에는 이것이 settlement일인 한달 뒤에 실현이 된다고 하는데, FRA같은 경우 이해가 되는데 첫번째 선물의 경우 왜 계약과 동시에 실현이 되는 것인지 알고싶습니다.
감사합니다