怎么理解B选项呢？

问题如下：

The value of a swap typically:

选项：

A.

is non-zero at initiation.

B.

is obtained through replication.

C.

does not fluctuate over the life of the contract.

解释：

B is correct. Valuation of the swap during its life appeals to replication and the principle of arbitrage. Valuation consists of reproducing the remaining payments on the swap with other transactions. The value of that replication strategy is the value of the swap. The swap price is typically set such that the swap contract has a value of zero at initiation. The value of a swap contract will change during the life of the contract as the value of the underlying changes in value.