NO.PZ2018062007000091
问题如下：
A swap is:
选项：
A.
more like a forward than a futures contract.
B.
subject to simultaneous default by both parties.
C.
based on an exchange of two series of fixed cash flows
解释：
A is correct. A swap is a bit more like a forward contract than a futures contract in that it is an OTC contract, so it is privately negotiated and subject to default. B is incorrect because in a swap, although either party can default, only one party can do so at a particular time. Money owed is based on the net owed by one party to the other, and only the party owing the greater amount can default to the counterparty owing the lesser amount. C is incorrect because a swap involves an exchange between parties in which at least one party pays a variable series of cash flows determined by an underlying asset or rate.
中文解析：
A对，掉期合约更像远期合约而不是期货合约，因为它是一种场外交易合约，所以它是私下协商的，可能会违约。
B是不正确的，因为在交换中，尽管任何一方都可以违约，但在某一时间点只有一方可以违约。
C是不正确的，因为掉期涉及各方之间的交换，其中至少一方支付由标的资产或利率决定的可变现金流系列，而不能都是固定的现金流。
请问为什么要在swap中强调尽管两方都有可能违约，但是在某一时点只有一方会违约？forward、futures在到期时不是也只有一方会违约吗？
