題目的settlement date不是應該指的是現在的6個月之後嗎?他說要把6個月前的操作在現在再操作一次

NO.PZ2018091706000059 问题如下 Six months ago, a aler solCHF 1 million forwargainst the Gfor a 180-y term all-in rate of 1.4850 (CHF/GBP). Toy,the aler wants to roll this position forwarfor another six months (i.e., thealer will use FX swto roll the positionforwar.The following are thecurrent spot rate anforwarpoints being quotefor the CHF/Gcurrenpair:The cash flow ththe aler will realize onthe settlement te is closest to an: inflowof G4,057 inflowof G8,100 outflowof G5,422 180ys ago, the aler sol1 million CHF against the Gfor1.4850. Toy, thealer will have to buy CHF 1 million to settle the maturing forwarontract,so the CHF amounts will net to zero on settlement y. Because these CHFamountsnet to zero, the cash flow on settlement y is measurein GBP. The GBPamountis calculatefollows: 180 ys ago, the aler solCHF 1 million againsttheGa rate of 1.4850, whiis equivalent to buying GBP673,400.67(1,000,000/1.4850). This, baseon the forwarcontract, thealer will receive GBP673,400.67 on settlement y. Toy, the aler isbuying CHF 1 million a spot rateof 1.4940 (the mimarket spot rate, becausethis is FX swap). This transaction isequivalent to selling G669,344.04(1,000,000/1.4940). This, baseon the spottransaction, the aler will payout G669,344.04 on settlement y. Combining thesetwo legs of the swaptransaction, we have:(1,000,000/1.4850)-(1,000,000/1.4940) = G4,056.63 解析180天前，该交易商以1英镑兑1.4850瑞郎的价格卖出了100万瑞郎。那么现在，经销商必须购买100万瑞士法郎来结算到期的远期合约，那么结算日的瑞士法郎净额将为零。由于这些瑞士法郎的净值为零，所以结算日的现金流以英镑计算。英镑金额计算如下:180天前，经销商以1.4850的汇率卖出100万瑞郎兑1英镑，相当于买入673,400.67英镑(100万/1.4850)。也就是说，根据远期合同，经销商在结算日收到G673,400.67。今天，该交易商以1.4940瑞郎的即期利率(中间市场即期利率，因为这是一种外汇互换)买入100万瑞郎。这笔交易相当于卖出669,344.04英镑(1,000,000英镑/1.4940)。也就是说，基于现货交易，该交易商将在结算日支付669,344.04英镑。清算这两部分，可以得到: (1000000/1.4850)-(1000000/1.4940)=4056 .63英镑 为什么交割日是Toy 而不是6个月之后？有点看不懂解析了，最好下英文的题干重点在哪？

NO.PZ2018091706000059 问题如下 Six months ago, a aler solCHF 1 million forwargainst the Gfor a 180-y term all-in rate of 1.4850 (CHF/GBP). Toy,the aler wants to roll this position forwarfor another six months (i.e., thealer will use FX swto roll the positionforwar.The following are thecurrent spot rate anforwarpoints being quotefor the CHF/Gcurrenpair:The cash flow ththe aler will realize onthe settlement te is closest to an: inflowof G4,057 inflowof G8,100 outflowof G5,422 180ys ago, the aler sol1 million CHF against the Gfor1.4850. Toy, thealer will have to buy CHF 1 million to settle the maturing forwarontract,so the CHF amounts will net to zero on settlement y. Because these CHFamountsnet to zero, the cash flow on settlement y is measurein GBP. The GBPamountis calculatefollows: 180 ys ago, the aler solCHF 1 million againsttheGa rate of 1.4850, whiis equivalent to buying GBP673,400.67(1,000,000/1.4850). This, baseon the forwarcontract, thealer will receive GBP673,400.67 on settlement y. Toy, the aler isbuying CHF 1 million a spot rateof 1.4940 (the mimarket spot rate, becausethis is FX swap). This transaction isequivalent to selling G669,344.04(1,000,000/1.4940). This, baseon the spottransaction, the aler will payout G669,344.04 on settlement y. Combining thesetwo legs of the swaptransaction, we have:(1,000,000/1.4850)-(1,000,000/1.4940) = G4,056.63 解析180天前，该交易商以1英镑兑1.4850瑞郎的价格卖出了100万瑞郎。那么现在，经销商必须购买100万瑞士法郎来结算到期的远期合约，那么结算日的瑞士法郎净额将为零。由于这些瑞士法郎的净值为零，所以结算日的现金流以英镑计算。英镑金额计算如下:180天前，经销商以1.4850的汇率卖出100万瑞郎兑1英镑，相当于买入673,400.67英镑(100万/1.4850)。也就是说，根据远期合同，经销商在结算日收到G673,400.67。今天，该交易商以1.4940瑞郎的即期利率(中间市场即期利率，因为这是一种外汇互换)买入100万瑞郎。这笔交易相当于卖出669,344.04英镑(1,000,000英镑/1.4940)。也就是说，基于现货交易，该交易商将在结算日支付669,344.04英镑。清算这两部分，可以得到: (1000000/1.4850)-(1000000/1.4940)=4056 .63英镑 本题意思是要做一个买入GBP的头寸和远期卖出头寸对冲，买入GBP对应的汇率怎么计算而来求详解，不应该是考虑6个月远期升贴水计算的汇率吗

NO.PZ2018091706000059问题如下 Six months ago, a aler solCHF 1 million forwargainst the Gfor a 180-y term all-in rate of 1.4850 (CHF/GBP). Toy,the aler wants to roll this position forwarfor another six months (i.e., thealer will use FX swto roll the positionforwar.The following are thecurrent spot rate anforwarpoints being quotefor the CHF/Gcurrenpair:The cash flow ththe aler will realize onthe settlement te is closest to an: inflowof G4,057 inflowof G8,100 outflowof G5,422 180ys ago, the aler sol1 million CHF against the Gfor1.4850. Toy, thealer will have to buy CHF 1 million to settle the maturing forwarontract,so the CHF amounts will net to zero on settlement y. Because these CHFamountsnet to zero, the cash flow on settlement y is measurein GBP. The GBPamountis calculatefollows: 180 ys ago, the aler solCHF 1 million againsttheGa rate of 1.4850, whiis equivalent to buying GBP673,400.67(1,000,000/1.4850). This, baseon the forwarcontract, thealer will receive GBP673,400.67 on settlement y. Toy, the aler isbuying CHF 1 million a spot rateof 1.4940 (the mimarket spot rate, becausethis is FX swap). This transaction isequivalent to selling G669,344.04(1,000,000/1.4940). This, baseon the spottransaction, the aler will payout G669,344.04 on settlement y. Combining thesetwo legs of the swaptransaction, we have:(1,000,000/1.4850)-(1,000,000/1.4940) = G4,056.63 解析180天前，该交易商以1英镑兑1.4850瑞郎的价格卖出了100万瑞郎。那么现在，经销商必须购买100万瑞士法郎来结算到期的远期合约，那么结算日的瑞士法郎净额将为零。由于这些瑞士法郎的净值为零，所以结算日的现金流以英镑计算。英镑金额计算如下:180天前，经销商以1.4850的汇率卖出100万瑞郎兑1英镑，相当于买入673,400.67英镑(100万/1.4850)。也就是说，根据远期合同，经销商在结算日收到G673,400.67。今天，该交易商以1.4940瑞郎的即期利率(中间市场即期利率，因为这是一种外汇互换)买入100万瑞郎。这笔交易相当于卖出669,344.04英镑(1,000,000英镑/1.4940)。也就是说，基于现货交易，该交易商将在结算日支付669,344.04英镑。清算这两部分，可以得到: (1000000/1.4850)-(1000000/1.4940)=4056 .63英镑 即期汇率 1.4939/1.4941

NO.PZ2018091706000059 问题如下 Six months ago, a aler solCHF 1 million forwargainst the Gfor a 180-y term all-in rate of 1.4850 (CHF/GBP). Toy,the aler wants to roll this position forwarfor another six months (i.e., thealer will use FX swto roll the positionforwar.The following are thecurrent spot rate anforwarpoints being quotefor the CHF/Gcurrenpair:The cash flow ththe aler will realize onthe settlement te is closest to an: inflowof G4,057 inflowof G8,100 outflowof G5,422 180ys ago, the aler sol1 million CHF against the Gfor1.4850. Toy, thealer will have to buy CHF 1 million to settle the maturing forwarontract,so the CHF amounts will net to zero on settlement y. Because these CHFamountsnet to zero, the cash flow on settlement y is measurein GBP. The GBPamountis calculatefollows: 180 ys ago, the aler solCHF 1 million againsttheGa rate of 1.4850, whiis equivalent to buying GBP673,400.67(1,000,000/1.4850). This, baseon the forwarcontract, thealer will receive GBP673,400.67 on settlement y. Toy, the aler isbuying CHF 1 million a spot rateof 1.4940 (the mimarket spot rate, becausethis is FX swap). This transaction isequivalent to selling G669,344.04(1,000,000/1.4940). This, baseon the spottransaction, the aler will payout G669,344.04 on settlement y. Combining thesetwo legs of the swaptransaction, we have:(1,000,000/1.4850)-(1,000,000/1.4940) = G4,056.63 解析180天前，该交易商以1英镑兑1.4850瑞郎的价格卖出了100万瑞郎。那么现在，经销商必须购买100万瑞士法郎来结算到期的远期合约，那么结算日的瑞士法郎净额将为零。由于这些瑞士法郎的净值为零，所以结算日的现金流以英镑计算。英镑金额计算如下:180天前，经销商以1.4850的汇率卖出100万瑞郎兑1英镑，相当于买入673,400.67英镑(100万/1.4850)。也就是说，根据远期合同，经销商在结算日收到G673,400.67。今天，该交易商以1.4940瑞郎的即期利率(中间市场即期利率，因为这是一种外汇互换)买入100万瑞郎。这笔交易相当于卖出669,344.04英镑(1,000,000英镑/1.4940)。也就是说，基于现货交易，该交易商将在结算日支付669,344.04英镑。清算这两部分，可以得到: (1000000/1.4850)-(1000000/1.4940)=4056 .63英镑 settlement y是今天（第一个180天合约的到期日），还是开始roll的新的一轮forwar到期日？