请问大家一道关于derivative的问题 equivalent, difference, payments, between, forward

shenjinyize

这是一道2015 level 1, study session 17-Basics of Derivative Pricing and Valuation的notes后面的习题：

The difference between a fixed-for-floating swap and an equivalent series of forward contracts is that:


A. the payment dates would be unlikely to match
B. all the fixed-rate payments in a swap are equal
C. the floating-rate payments in a swap are unknown


答案给出的是B.解释如下：
“The difference between a fixed-for-floating swap and a series of forward contracts is that all the fixed-rate payments in a swap are equal. A swap can be replicated by a series of forward contracts that expire on each of the swap’s payment dates, but the fixed rates on these forward contracts are not necessarily equal.”  




但是notes里面有如下这段话：”Therefore, we can describe an interest rate swap as equivalent to a series of forward contracts, specifically forward rate agreements, each with a forward contract rate equal to the swap fixed rate.  




这样的解释不是前后矛盾么？不知道是否我理解有偏差，还请大家指点迷津

shenjinyize

回复 2# shcshc
我也是觉得应该选择A,不过notes给的答案是B,就让我很困惑，尤其关于它里面的解释。

shcshc

其实我感觉应该选A，对于每个计息周期，swap是在期末支付，forward是在期初支付。