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　　Which of the following trade(s) contain basis risk?
　　I        Long 1,000 lots Nov 07 ICE Brent Oil contracts and short 1,000 lots Nov 07 NYMEX WTI Crude Oil contracts
　　II     Long 1,000 lots Nov 07 ICE Brent Oil contracts and short 1,000 lots Dec 07 ICE Brent Oil contracts
　　III   Long 1,000 lots Nov 07 ICE Brent Oil contracts and long 2,000 lots Nov 07 ICE Brent Oil at-the-money put
　　IV   Long 1,000 lots Nov 07 ICE Brent Oil contracts and short 1,000 lots Dec 07 NYMEX WTI Crude Oil contracts
　　A.     II and IV only
　　B.     I and III only
　　C.     I, II and IV only
　　D.     III and IV only
　　Answer: C
　　There is mainly basis risk for positions that are both long and short either different months or contracts. Position III is long twice the same contract and thus has no basis risk (but a lot of directional risk).