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- 2011-7-11
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- 2016-4-19
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another way to think about this is to think about who benefits from the floor.
if the floor is at 2% and rates are at 1%, the floor kicks in and the receiver gets 2%.
the issuer is worse off and would never exercise a long put or call that puts them in a worse position, so it has to be a short. |
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发表于 2011-7-11 17:42
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