问一道题：NO.PZ2017121101000011

NO.PZ2017121101000011 问题如下 The CEO of a corporation owns 100 million shares of his company’s stock, whiis currently price€30 a share. Given the huge exposure of his personwealth to this one company, he hcito sell 10% of his position aninvest the fun in a floating interest rate instrument. A rivatives aler suggests thhe so using equity swap.Explain how to structure sua swap. The swis structuresuththe executive pays the return on 10 million shares of the company’s stock, whiis 10% of his holngs, anhe receives the return baseon a floating interest rate, suthe market referenrate, on a notionprincipof €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 hcito sell 10% of his position aninvest the fun in a floating interest rate instrument”。（2）关于解析中的MRR，稍作补充一下 互换中使用的是market referenrate（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SOFR+2%，或者SOFR+5%，或者就是SOFR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 CEO cito sell 10% of his position，whiis 10 million shares of his company’s stoequto €300 million.A rivatives aler suggests using equity swwith notionprincip€300 million, whiis receiving floating interest rate anpaying equity return .

NO.PZ2017121101000011 问题如下 The CEO of a corporation owns 100 million shares of his company’s stock, whiis currently price€30 a share. Given the huge exposure of his personwealth to this one company, he hcito sell 10% of his position aninvest the fun in a floating interest rate instrument. A rivatives aler suggests thhe so using equity swap.Explain how to structure sua swap. The swis structuresuththe executive pays the return on 10 million shares of the company’s stock, whiis 10% of his holngs, anhe receives the return baseon a floating interest rate, suthe market referenrate, on a notionprincipof €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 hcito sell 10% of his position aninvest the fun 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 referenrate（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 swis structuresuththe executive pays the return on 10 million shares of the company’s stock, whiis 10% of his holngs, anhe receives the return baseon a floating interest rate, suthe market referenrate, on a notionprincipof €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？

NO.PZ2017121101000011 问题如下 The CEO of a corporation owns 100 million shares of his company’s stock, whiis currently price€30 a share. Given the huge exposure of his personwealth to this one company, he hcito sell 10% of his position aninvest the fun in a floating interest rate instrument. A rivatives aler suggests thhe so using equity swap.Explain how to structure sua swap. The swis structuresuththe executive pays the return on 10 million shares of the company’s stock, whiis 10% of his holngs, anhe receives the return baseon a floating interest rate, suthe market referenrate, on a notionprincipof €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 hcito sell 10% of his position aninvest the fun 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 referenrate（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 我是这样写的可以吗？in the swap, he shoulpthe return on the company's stock, anreceive the floating interest rate.the notionprincipof swis equto his 10% of equity position.