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Yes that was a very tricky question. I first chose the zero volatility answer, but when I reread I saw about the BSM assumption that was violated, which is the lognormal assumption. What do you guys think the cutoff score is for a pass. With all the discussion here I think I won't make 50.

There were also two questions about illiquid bonds (one with a hedge fund?). Options were autocorrelation, high beta,.. Can't remember it very well. With the budgetting I had C, pretty sure about that one

Another few I can remember - Use of lognormal wrong for bondprices - Had lighter tails for the QQ plot - Convexity adjustment downwards - CCP question about a fradulous trade - Net stable funding ratio (had not enough funding) - zero correlation doesn't imply independence - LIBOR swap valuation...

A few questions I am still not sure about. - What did you guys have for the cds/correlation graph. - And what about the long position on the correlation (call options?). - There was a question about the 95% VaR of the CDO - There was a question of BIA vs st. approach.

http://www.garp.org/frm/exam-results/exam-results.aspx

I saw the results just on the garp website.

Passed 1,1,3,2. Thanks and good luck to you all!

I think you are correct, it should be A.

There was an answer with consistent and unbiased, that didn't contain efficient.

I had the same reasoning for the default question and it cost me a lot of time because it seemed counter intuitive, but I think this solution is correct. Aah I completely forget about the corporate rating question, that one was also difficult. I chose a different answer but wasn't sure. I think...

I chose duration, because it didn't mention different time intervals for hedging. I chose the higher VaR with the higher ES, as the VaR is a lower bound for the ES. Questions I had difficulty with or couldn't spot a clear answer: - Put option up/down step going to 8 from 5, but no K or So was...