问题如下图：
选项：
A. 
B. 
C. 
解释：
swap的定价与value都是来自replication等效互换吧？price期初定好，一直不变至到期。value期初=0，中间时刻会因为CF的改变而fluctuates？
NO.PZ2016031201000031 问题如下 The value of a swtypically: A.is non-zero initiation. B.is obtainethrough replication. C.es not fluctuate over the life of the contract. B is correct.Valuation of the swring its life appeals to replication anthe principle of arbitrage. Valuation consists of reprocing the remaining payments on the swwith other transactions. The value of threplication strategy is the value of the swap. The swpriis typically set suththe swcontraha value of zero initiation. The value of a swcontrawill change ring the life of the contrathe value of the unrlying changes in value. 中文解析swap的value在期初为0，但是在合约期内，这个价值是会随着标的物资产的价值的改变而改变的，所以是处于一个波动的状态，所以A和C都是错误的。我们对swap进行估值时，是将其等效为两个债券的现金流，将未来的现金流折现求净值得到的，是基于一个replication的原理，所以B是正确的。 在这个表述下。loan是出借人还是借款人？决定了这个 fixerate interest x同学是给出去还是收进来。我的理解是loan是出借，借钱给别人。 bt是借款，向别人借钱。
NO.PZ2016031201000031 问题如下 The value of a swtypically: A.is non-zero initiation. B.is obtainethrough replication. C.es not fluctuate over the life of the contract. B is correct.Valuation of the swring its life appeals to replication anthe principle of arbitrage. Valuation consists of reprocing the remaining payments on the swwith other transactions. The value of threplication strategy is the value of the swap. The swpriis typically set suththe swcontraha value of zero initiation. The value of a swcontrawill change ring the life of the contrathe value of the unrlying changes in value. 中文解析swap的value在期初为0，但是在合约期内，这个价值是会随着标的物资产的价值的改变而改变的，所以是处于一个波动的状态，所以A和C都是错误的。我们对swap进行估值时，是将其等效为两个债券的现金流，将未来的现金流折现求净值得到的，是基于一个replication的原理，所以B是正确的。 如题
NO.PZ2016031201000031 问题如下 The value of a swtypically: A.is non-zero initiation. B.is obtainethrough replication. C.es not fluctuate over the life of the contract. B is correct.Valuation of the swring its life appeals to replication anthe principle of arbitrage. Valuation consists of reprocing the remaining payments on the swwith other transactions. The value of threplication strategy is the value of the swap. The swpriis typically set suththe swcontraha value of zero initiation. The value of a swcontrawill change ring the life of the contrathe value of the unrlying changes in value. 中文解析swap的value在期初为0，但是在合约期内，这个价值是会随着标的物资产的价值的改变而改变的，所以是处于一个波动的状态，所以A和C都是错误的。我们对swap进行估值时，是将其等效为两个债券的现金流，将未来的现金流折现求净值得到的，是基于一个replication的原理，所以B是正确的。 我理解合约期内value是会波动的，但price不会波动对吧
NO.PZ2016031201000031问题如下The value of a swtypically:A.is non-zero initiation.B.is obtainethrough replication.C.es not fluctuate over the life of the contract. B is correct.Valuation of the swring its life appeals to replication anthe principle of arbitrage. Valuation consists of reprocing the remaining payments on the swwith other transactions. The value of threplication strategy is the value of the swap. The swpriis typically set suththe swcontraha value of zero initiation. The value of a swcontrawill change ring the life of the contrathe value of the unrlying changes in value. 中文解析swap的value在期初为0，但是在合约期内，这个价值是会随着标的物资产的价值的改变而改变的，所以是处于一个波动的状态，所以A和C都是错误的。我们对swap进行估值时，是将其等效为两个债券的现金流，将未来的现金流折现求净值得到的，是基于一个replication的原理，所以B是正确的。 所有的衍生品期初value 都为0吗？有没有特例？
NO.PZ2016031201000031 ---------------------------------- 根据讲义，swap可以看作是一系列的forwarcontract，而a forwartransaction thstarts with a zero value is calleat-market forwara forwartransaction thstarts with a nonzero value is calleoff-market forwar 如何知道分拆swap后的forwaroff-market forwar是at-market forwar 如果是off-market forwar那initiation value便不是0，那就可以选A了，不是吗? （此刻心情四大类衍生品的pricing & valuation好难理解，一下子关注t=0，一下子又问t=t，一下子又问t=T；还得要不要考虑持有期间的成本或好处；有时直接折现，有时还得做差再折现。😭😭😭😭）
