1. Explain how a fi xed-for-fl oating swap can be considered a portfolio of forward contracts on six-month discount bonds. 2. Go to the CBOT Web site (http://www.cbot.com), and determine the contract...

1. Explain how a fi xed-for-fl oating swap can be considered a portfolio of forward contracts on six-month discount bonds.

2. Go to the CBOT Web site (http://www.cbot.com), and determine the contract specifi cations for soybean meal futures and ten-year U.S. Treasury note futures. Apart from the difference in the type of asset, what is the difference between the two contracts in terms of what qualifi es as deliverable grades?