单项选择题

It is April 15, and a trader is entered into a short position in two soybean meal futures contracts. The contracts expire on August 15, and call for the delivery of 100 tons of soybean meal each. Further, because this is a futures position, it requires the posting of a $3000 initial margin and a $1500 maintenance margin per contract. For simplicity, however, assume that the account is marked to market on a monthly basis. Assume the following represent the contract delivery prices (in dollars per ton) that prevail on each settlement date:

April 15 (initiation)

May 15

June 15

July 15

August 15 (delivery)

173.00

179.75

189.00

182.50

174.25

In negotiating a swap, the two counterparties agree to exchange:

A. a series of options.
B. a series of cash flows.
C. a series of forward contracts.

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