請問一題CFA lv1的問題 - 金融分析師

Craig has entered into a $10 million quarterly-pay equity swap based on
the NASDAQ stock index as the 8% fixed rate payer when the index is at
2750. Which of the following is most accurate?

A. The first payment is known at the initiation of the swap.

B. If the index at the first settlement date is 2782, he must make a
payment at the second settlement date.

C. He will make a payment of $200000 on the second payment date if the
index is 2750.

if the index is 2805.




答案是D.，解答說index has risen to 2805(2%)，the index payer's liability
(2% x $10 million) just offset the fixed rate payer's liability
(8% / 4 x $10 million)


這個我看不懂...是因為我不了解equity swap的性質嗎？

　　我以為只是一方付固定利息，一方付浮動收益而已，怎麼搞出個liability？


　　還有，B.跟C.的解說是，

「the payment at the second settlement date cannot be determined without
knowing the change in the index level between the first and second
settlement dates.」

「the index level at the first settlement date does not determine the
payment at the second date.」


那這樣說的話，equity swap到底是怎麼計算浮動方每期的payment呢？

　　麻煩各位賜教



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