FRM一级易错题精选:Which of the following

Which of the following is least likely a way to terminate a long position in a deliverable futures contract at expiration?

 
A. An equivalent cash settlement.
 
B. An exchange-for-physicals.
 
C. Close-out at expiration.
 
D. Taking delivery.

Answer:A

A deliverable contract does not permit equivalent cash settlement.
Sale of an offsetting contract at the settlement price on the final day of trading (close-out at expiration) will have the same effect, with the cash settlement effectively taking place in the margin account.