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@David Harper CFA FRM , any insights on this? Really appreciate your incredible help! (thanks to you passed with 11221)

confirmed to all of the above, made some minor edits but the you're both correct on the overarching points. BT > Schweser, but the time required to decipher the notation within questions & answers and time required to find a easily comprehensible answer were two things that if improved upon...

i actually double-checked one right after the exam and the material clearly states that due to local gov'ts control of monetary policy (and ability to more effectively respond to changes in their own domestic economy), local currency ratings are generally at least as high the foreign currency...

I agree with Mike. you've been truly great throughout this process. One "make-greater" suggestion i wanted to bring up, especially given how stretched you are across the business, answering client questions tremendously well while also generating updated content continuously, is as follows...

and for #7, i thought that stack-and-roll profits when they generate positive roll return, which happens in backwardation, and backwardation is when futures prices are decreasing isnt it? EDIT: i just looked online, and found this: "contango indicates that futures prices are falling over time...

for # 4, whether you used n/(n+m)* price of call or (n-m)/n*price of call you got a number like 97% of the call price, and using either calculation there was only one answer choice in the ball park (D if i recall correctly).

the answer indeed referenced cash flow problems, and it was linking the cash flow problems to the clients (not explicitly saying clients cancelled but i believe it referenced client "contracts" or "agreements". if i recall correctly, and it's been a week now, the wrong answer choice that...

the first calculator-generated answer was your "scheduled payment amount", you had to subtract that (around ~4500 i think) from the actual amount payed (around ~8000), might be off by a 0 on both those, but the answer for the prepayment amount was around ~3500 (or 35000).

if it asked the probability of a BB bond defaulting (or becoming a CC bond) within 1 year (which i believe was indeed on the exam at one point ), the trick is to remember to include the probabibility that it stays a BB bond for one year (which if i recall was ~80% and then defaults. I always...

wasnt it structured as Subordinated vs. senior tranche (rather than AA vs. BB)?

yes - i believe that was correct. they gave clients the right to cancel contracts, and when those clients took them up on the offer, they ran into cashflow problems given the maturity mismatch (funding long-term assets with ST funding/"rolling over of contracts")... could be wrong, but pretty...

i'm pretty sure it asked, which is incorrect about ratings agencies, or all of the following are correct EXCEPT... and the answer if i recall correctly was A) "rating agencies seldom rely on government information/use a the govt as a primary source of info"... that's incorrect, as they do often...

i believe the question asked about the funded status, no? so up-rates = up discount rate for PBO = down PV of obligations = up funded status. along the same lines, down liabilities = (to satisfy Assets = liabilities + shareholder equity)... up equity. am i right on this?

Hmm, for 22, I'm pretty sure it explicitly states in the material that stock transactions do not impact gamma. only buying/selling stocks will impact gamma. At least that's what i saw in several practice materials. is this wrong? Also, for 20, i completely agree. Though you shouldn't use...

for the long question on Margin. it says he enters the position that day. Is it possible the first marked-to-market for a futures position is at the end of the first full day you've held the position? I was taken aback by the question as well because none of my calculations worked out. any...

which is this one "For pension funds, there was one asking what happened if interest rates rise in a defined benefit plan and how affects it to bondholders and equityholders."

For the futures vs. OTC question, I'm pretty sure the answer to "what is the defining feature of OTC's relative to futures": D) settled through bilateral agreements and central counterpartys.

The question on hedge vs. mutual funds was "what is one difference between the two?" (or something along those lines). The answer was that Hedge Funds are not required to disclose their Investment Policy.