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“the first payment is known with certainty and will be made at month 6” is referring to the SWAP whereas “is entered into at time 0 with the payment determined at 6 months and paid at 12 months.” is referring to the FRA.
The second answer explanation is worded poorly, implicit is the fact that the first payment on the swap is known. |
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发表于 2013-4-3 12:05
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