NO.PZ2016031201000033
问题如下：
The value of a swap is equal to the present value of the:
选项：
A.fixed payments from the swap.
B.net cash flow payments from the swap.
C.underlying at the end of the contract.
解释：
B is correct.
The principal of replication articulates that the valuation of a swap is the present value of all the net cash flow payments from the swap, not simply the present value of the fixed payments of the swap or the present value of the underlying at the end of the contract.
中文解析：
swap 的定价就是求swap rate，也就是求每一期的fix rate 再年化。
Value是按答案B中的所述来求的，具体是指浮动利率的现金流与固利率的现金流之差的净值。因为swap 是一收一支，所以swap 的value 就等于收到与支出的净值，也就是net cash flow payments。
如题。。。。。。。。。。。。
