NO.PZ2017121101000011
问题如下：
The CEO of a corporation owns 100 million shares of his company’s stock, which is currently priced at €30 a share. Given the huge exposure of his personal wealth to this one company, he has decided to sell 10% of his position and invest the funds in a floating interest rate instrument. A derivatives dealer suggests that he do so using an equity swap.
Explain how to structure such a swap.
选项：
解释：
The swap is structured such that the executive pays the return on 10 million shares of the company’s stock, which is 10% of his holdings, and he receives the return based on a floating interest rate, such as the market reference rate, on a notional principal of €300 million (= €30/share × 10 million shares).
中文解析：
（1）equity swap指的是在互换当中有一端是交换的equity return，其他一端可以是浮动利率，可以是固定利率，也可以是另一个equity return都可以的。所以本题中他要支付equity return，然后根据题干的意思直接收到一个floating rate即可。不需要其他的操作。对应题干中：“he has decided to sell 10% of his position and invest the funds in a floating interest rate instrument”。
（2）关于解析中的MRR，我稍作补充一下： 互换中使用的是market reference rate（有时会简写为MRR），这就是一个浮动利率，是多少都可以的，这个MRR可以是libor+2%，或者libor+5%，或者就是libor都可以的。真正考试的时候，你也完全可以直接说互换另一端是基于libor的，这都可以的。只不过协会经常使用的表述是MRR，这样我们就把它记住，万一考试遇到，我们也就说使用MRR，这样咱们也就不用思考或者到底互换另一端选什么了。
（3）最后注意记得说明这个互换基于的名义本金是300million
The swap is structured such that the executive pays the return on 10 million shares of the company’s stock, which is 10% of his holdings, and he receives the return based on a floating interest rate, such as the market reference rate, on a notional principal of €300 million (= €30/share × 10 million shares).
swap换的应该是10m的share，所以收到的MRR应该是基于10m的base，为什么答案说是300m？
