NO.PZ202208100100000304
问题如下：
Which type of total return swap is Tryon most likely to use given his view on Inwood stock equity? Buy a one-year:
选项：
A.cash-settled total return payer swap.
cash-settled total return receiver swap.
physically settled total return payer swap.
解释：
A is correct. Equity swaps that have a single stock as underlying can be cash settled or physically settled. If the swap is cash settled, on the termination date of the contract, the equity swap payer will pay (receive) the equity appreciation (depreciation) in cash. Because Bennett believes the stock may temporarily decline in price, he would want to hedge the position by receiving any depreciation in price. If the swap is physically settled, on the termination date, the equity swap receiver will receive the quantity of the single stock specified in the contract and pay the notional amount. Because Tryon wants to keep the shares, a cash-settled total return payer swap is an appropriate strategy that hedges the equity position in Inwood.
B is incorrect. The swap receiver would establish a long position in Inwood that does not hedge the current holding.
C is incorrect. “Physically settled” does not fit Tryon’s strategy because he wants to hold the Inwood position.
目前手头有stock，并且估计未来股价会下跌；
所以进入一份receive fixed swap， 把股价float付出去啊。
故应该选择 receive swap啊
