这里的value说的是对什么的value呢？

问题如下：

For a swap in which a series of fixed payments is exchanged for a series of floating payments, the parties to the transaction:

选项：

A.

designate the value of the underlying at contract initiation.

B.

value the underlying solely on the basis of its market value at the end of the swap.

C.

value the underlying sequentially at the time of each payment to determine the floating payment.

解释：

C is correct. On each payment date, the swap owner receives a payment based on the value of the underlying at the time of each respective payment.

A is incorrect because in a swap involving a series of fixed payments exchanged for a series of floating payments, each floating payment reflects the value of the underlying at the time of payment, not a designated value at contract initiation.

B is incorrect because in a swap involving a series of fixed payments exchanged for a series of floating payments, each floating payment is based on the value of the underlying at the time of each respective payment, not on the market value at the end of the swap.

中文解析：

对于互换的浮动端来说，期初只能知道第一期的数值，后续每一期利率值要等到相应的节点才能获知，所以A和B选项说在期初和期末都是错的。应该选C。