答案和详解如下： 1.The least likely way to terminate a swap agreement prior to expiration is to: A) make/receive a payment to/from the original counterparty. B) sell the swap. C) exercise a swaption. D) enter into an offsetting swap. The correct answer was B) There is no functioning secondary market in swaps; selling a swap would be unusual and would require the permission of the counterparty. 2.An offsetting swap is a swap that: A) is opposite to an existing swap in cash flows. B) reduces the principal amount of a swap. C) reduces the credit risk of an earlier swap. D) must be offset by a cash payment. The correct answer was A) An offsetting swap is a swap with opposite cash flows to an existing swap. It is one way to exit a swap position, just as an offsetting trade is used to close out a futures position. 3.All of the following are ways to exit a swap contract EXCEPT: A) entering an offsetting swap with the original counterparty. B) entering an offsetting swap with a different counterparty. C) making a cash payment to the original counterparty. D) selling a swaption. The correct answer was D) Selling a swaption gives the seller an obligation to enter into a swap if the swaption is exercised. To exit a swap, the entity would want to buy the swaption. | 
发表于 2008-4-10 15:09
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