NO.PZ2021061002000055
问题如下：
QWR enters a 5-year interest rate swap in which QWR pays the fixed rate of 3% for the first semiannual period and receives an initial six-month MRR of 2.65%.
Based on the
information above, which of the following statements is true?
选项：
A.Three months after the inception of the trade, QWR
has an MTM loss on the swap, because it owes a net settlement payment
to its counterparty.
Three months after the inception of the trade, QWR
has an MTM gain on
the swap, because after the first known net payment to its counterparty, the
remainder of the future cash flows must have a positive present value from QWR's
perspective.
We do not have enough information to determine whether the swap has a positive or negative value from QWR's perspective after the inception of the trade.
解释：
中文解析
本题考察的是互换在合约期间的value。
互换合约的value由互换两端的利率大小来决定，虽然固定端的利率已知，但是浮动端的利率是随着市场变化而变化的，无法确定下来.
因此我们此时无法判断3个月后，站在QWR的角度上互换的value是正还是负。
我们无法确定在互换合约开始后的3个月内，QWR在互换交易中是否有正值或负值。
原因是浮动利率在市场上是变动的，无法确定未来的现金流量。尽管在合约开始时我们知道了固定利率和初始的浮动利率，但在未来的时间段内，浮动利率可能会发生变化，从而影响互换交易的价值。
到底三个月和六个月对应的是哪个时间段，老师你没明白我们问的点，或者画个图解释下
