麻省理工投资学讲义(MIT)_Frwars, Futures  Swaps.pdfVIP

15.433 INVESTMENTS Classe 15: Forwards, Futures Swaps Spring 2003 Interest Rate Derivatives Interest rate swaps, caps, floors, and swaptions are over the counter (OTC) interest rate derivatives. Broadly defined, a derivative instrument is a formal agreement between two parties specifying the exchange of cash payments based on changes in the price of a specified underlying item or differences in the returns of different securities. For example, interest rate swaps are based on differences be-tween two diffe