题目：
Assume the holder of a long futures position negotiates privately with the holder of a short futures position to accept delivery to dose out both the long and short positions. Which of the following statements about the transaction is most correct The transaction is:()
A. also known as delivery.
B. also known as an exchange of physicals.
C. the most common way to close a futures position.
答案：
参考答案：B
解析：
When the holder of a long position negotiates directly with the holder of the short position to accept delivery of the underlying commodity to close out both positions, this is called an exchange for physicals. (This is a private transaction that occurs ex-pit and is one exception to the federal law that all trades take place on the exchange floor. ) Note that the exchange for physicals differs from an offsetting trade in which no delivery takes places, and also differs from delivery in which the commodity is simply delivered as a result of the futures expiration with no secondary agreement. Most futures positions are settled by an offsetting trade.
