Craig has entered into a $10 million quarterly-pay equity swap based on the NASDAQ stock index as the 8% fixed rate payer when the index is at 2750. Which of the following is most accurate? A. The first payment is known at the initiation of the swap. B. If the index at the first settlement date is 2782, he must make a payment at the second settlement date. C. He will make a payment of $200000 on the second payment date if the index is 2750. if the index is 2805. 答案是D.，解答说index has risen to 2805(2%)，the index payer's liability (2% x $10 million) just offset the fixed rate payer's liability (8% / 4 x $10 million) 这个我看不懂...是因为我不了解equity swap的性质吗？ 　　我以为只是一方付固定利息，一方付浮动收益而已，怎麽搞出个liability？ 　　还有，B.跟C.的解说是， 「the payment at the second settlement date cannot be determined without knowing the change in the index level between the first and second settlement dates.」 「the index level at the first settlement date does not determine the payment at the second date.」 那这样说的话，equity swap到底是怎麽计算浮动方每期的payment呢？ 　　麻烦各位赐教 -- 　Choose life. Choose a job. Choose a career. Choose a family. Choose a fucking big television. 　Choose washing machines, cars, compact disc player and electrical tin openers. Choose good health, low cholesterol and dental insurance. Choose fixed-interest mortgage payments. Choose a starter home. --

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