Derivatives：请问为何interest rate swap不是 forward commitment

嗨，爱思考的PZer你好：

同学，题目问的是哪个是forward commitment,答案应该选B。

衍生品分为forward commitment和contigent claims，其中forward commitment包含forward 、future、 swap等。contingent claim最典型的是期权，就是交易双方权利和义务不对等。（参照以下讲义）

CDS虽然叫swap,但它是contigent claims，根据CDS的定义：

A credit default swap is a derivative contract between two parties, a credit

protection buyer and a credit protection seller, in which the buyer makes a

series of cash payments to the seller and receives a promise of compensation

for credit losses resulting from the default of a third party.

就是一旦发生了规定的信用事件，卖出cds的一方会支付损失款项给买方，如果不发生则不用支付。而买方要定期支付款项。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！